Bitcoin’s push towards $100,000 gained momentum on Thursday as investors bet that a more cryptocurrency-friendly regulatory stance under President-elect Donald Trump will trigger a boom for digital assets.
Bitcoin prices surpassed $96,000 for the first time during Asian trading, reaching a high of $96,898.
Read more: Bitcoin Surges to $75,000 Amid Traders’ Optimism Over Trump’s Election Advantage
The cryptocurrency has more than doubled in value this year and has surged around 40% in the two weeks since Trump’s election victory, along with the election of several pro-crypto lawmakers in Congress.
“Though it’s now firmly in overbought territory, the momentum is pulling it toward the $100k mark,” said IG Markets analyst Tony Sycamore.
Trump supported digital assets during his campaign, pledging to make the U.S. the “crypto capital of the world” and to build a national bitcoin reserve.
Since the election, over $4 billion has flowed into U.S.-listed bitcoin exchange-traded funds (ETFs). This week saw a strong debut for options on BlackRock’s ETF, with call options—bets on the price rising—being more popular than puts.
Stocks related to cryptocurrency have also surged alongside bitcoin’s rise. Shares in bitcoin miner MARA Holdings jumped nearly 14%, while MicroStrategy, a loss-making software firm that has been acquiring bitcoin, saw its stock rise 10%, pushing its market capitalization past $100 billion.
“Many are speculating whether this administration will provide the regulatory clarity that the crypto community has been waiting for. It’s too early to say,” stated Will Peck, head of digital assets at WisdomTree, a global ETF issuer.
He added, “We view the excitement as bullish not just for bitcoin or crypto in general, but for the entire blockchain ecosystem that is rapidly expanding.”
