Bitcoin rises 40% after Trump's victory, marching toward $100,000
Photo: Bitcoin rose to $97,000 (Getty Images)
Bitcoin's price continues to march toward the $100,000 mark. Investors are betting that President Donald Trump's more cryptocurrency-friendly approach to regulation will define the beginning of a boom for this asset class, Reuters reports.
The price of bitcoin surpassed $96,000 for the first time on November 21, reaching a high of $96,898.
The cryptocurrency has more than doubled in value this year, up to 40% over the past two weeks since Trump was elected the next US president, alongside a slew of pro-crypto lawmakers in Congress.
"While it's now firmly into overbought territory, it is being drawn toward the $100k level," said IG Markets analyst Tony Sycamore.
During his election campaign, Trump actively engaged with digital assets, promising to make the US the "crypto capital of the planet" and accumulate a national bitcoin stockpile.
Over $4 billion has flowed into US Bitcoin exchange-traded funds since the election. This week, BlackRock's ETF options made a strong debut.
Stocks related to cryptocurrency are soaring along with Bitcoin's price. Shares of bitcoin miner MARA Holdings rose nearly 14% overnight, while MicroStrategy, a loss-making software developer accumulating bitcoin, grew by 10%, taking its market capitalization beyond $100 billion.
"Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It's likely too soon to say," said Will Peck, Head of digital assets at WisdomTree, a global exchange-traded fund issuer.
According to Peck, the situation looks optimistic not only for Bitcoin or cryptocurrencies in general but for the entire blockchain-enabled ecosystem currently developing.
For more information on Bitcoin's growth, check our article on the topic.
