Bitcoin’s climb toward the $100,000 mark has accelerated as investors anticipate a more crypto-friendly regulatory stance under Donald Trump’s presidency.
The cryptocurrency surged past $98,000 for the first time, rising approximately 4% on the day. Its price has more than doubled this year and increased by about 40% in the two weeks following Mr. Trump’s election, alongside several pro-crypto candidates gaining seats in Congress.
IG Markets analyst Tony Sycamore commented, “Although firmly in overbought territory, Bitcoin is being magnetically drawn toward the $100k level.”
During his campaign, Mr. Trump voiced strong support for digital assets, pledging to make the United States the “crypto capital of the planet” and to build a national reserve of Bitcoin.
Since the election, more than $4 billion has flowed into US-listed Bitcoin exchange-traded funds (ETFs). This week, options on BlackRock’s Bitcoin ETF debuted strongly, with bullish call options significantly outpacing bearish puts.
Wes Wilkes, CEO of Net-Worth NTWRK, remarked, “$100,000 Bitcoin seems inevitable. Bitcoin or Bitcoin ETFs will increasingly feature in the portfolios of wealth managers, mutual funds, and even UK pension schemes. With Trump in office, this trend will only accelerate.”
Will Peck, head of digital assets at WisdomTree, added, “Many are hopeful that this administration will deliver the regulatory clarity the crypto industry has long awaited, though it may be too early to tell.”
