Washington, November 21, 2024- Bitcoin reached a historic milestone on Thursday, crossing the $96,000 mark for the first time as investors anticipate a crypto-friendly regulatory landscape under President-elect Donald Trump.
In Asian trading, Bitcoin prices soared to a record high of $96,898, continuing its rally toward the highly anticipated $100,000 threshold. The cryptocurrency has more than doubled in value this year and gained approximately 40% in the two weeks since Trump’s election, alongside a wave of pro-crypto lawmakers securing seats in Congress.
“Bitcoin is now firmly in overbought territory, but it’s clearly being drawn toward the $100k level,” said Tony Sycamore, an analyst at IG Markets.
Trump’s campaign embraced digital assets, with promises to establish the United States as the “crypto capital of the planet” and amass a national bitcoin reserve. These declarations have fueled investor enthusiasm, with more than $4 billion flowing into U.S.-listed bitcoin exchange-traded funds (ETFs) since the election.
The excitement carried over to derivatives markets this week as BlackRock’s bitcoin ETF options saw strong demand, with call options — wagers on rising prices — significantly outpacing put options.
The bullish sentiment has also lifted crypto-related stocks. Shares in bitcoin mining company MARA Holdings surged nearly 14%, while MicroStrategy, a software firm known for its aggressive bitcoin investments, climbed 10%, pushing its market capitalization above $100 billion.
“Many in the crypto community are speculating whether this administration will finally bring the regulatory clarity they’ve been waiting for,” said Will Peck, head of digital assets at WisdomTree, a global ETF issuer. “While it’s too early to tell, the excitement isn’t just about bitcoin — it’s bullish for the entire blockchain ecosystem.”
As the market eyes the $100,000 milestone, the optimism surrounding a potentially transformative era for cryptocurrencies continues to drive momentum.
