Bitcoin Nears $100,000 as Optimism Grows Over Pro-Crypto U.S. Policies
Bitcoin's journey toward the $100,000 milestone gained momentum on Thursday as investors anticipated a more favorable U.S. regulatory stance on cryptocurrencies under President-elect Donald Trump, signaling a potential boom for the asset class.
During European trading, Bitcoin prices surged past $98,000 for the first time, climbing roughly 4% on the day.
The cryptocurrency has more than doubled in value this year, with a 40% increase in just two weeks since Trump’s election victory and the addition of pro-crypto lawmakers to Congress.
"Although Bitcoin is firmly in overbought territory, the $100,000 level is acting as a magnet," noted IG Markets analyst Tony Sycamore.
Trump’s campaign highlighted a commitment to digital assets, pledging to make the U.S. the "crypto capital of the world" and even amass a national bitcoin reserve.
Since the election, over $4 billion has flowed into U.S.-listed bitcoin exchange-traded funds (ETFs). This week, BlackRock (NYSE:BLK)'s bitcoin ETF options launched strongly, with bullish call options significantly outpacing bearish puts.
Crypto-related stocks have soared alongside Bitcoin’s rise. Shares of bitcoin miner MARA Holdings jumped nearly 14% overnight, while MicroStrategy, a software company heavily invested in Bitcoin, saw a 10% increase, pushing its market value past $100 billion.
"There's growing speculation about whether this administration will deliver the regulatory clarity the crypto industry has long sought, but it’s too early to draw conclusions," said Will Peck, head of digital assets at WisdomTree, a global ETF provider.
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