Bitcoin’s march toward $100,000 made further ground on Thursday as investors bet on a friendlier U.S. regulatory approach to cryptocurrencies under President-elect Donald Trump
MicroStrategy, a loss-making software company buying Bitcoin, rose 10% to surpass $100 billion in market capitalisation.
Bitcoin’s march toward $100,000 gained ground on Thursday as investors bet President-elect Donald Trump’s friendlier U.S. regulatory approach to cryptocurrencies will unleash a boom era for the asset class.
Bitcoin prices topped $95,000 for the first time in Asia trade, touching a high just above $95,040.
The cryptocurrency’s price has more than doubled this year and is up about 40% in the two weeks since Trump was voted in as the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress.
Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and accumulate a national bitcoin stockpile.
Since the election, more than $4 billion has streamed into U.S.-listed bitcoin exchange-traded funds. This week, options on BlackRock’s ETF made a strong debut, with call options—bets on the price going up—more popular than puts.
Crypto-related stocks have been soaring along with the Bitcoin price. Shares in Bitcoin miner MARA Holdings were up nearly 14% overnight, while MicroStrategy, a loss-making software company that has been buying Bitcoin, rose 10% to take its market capitalisation beyond $100 billion.
“We see all of this excitement as bullish not only for bitcoin or crypto broadly, but the entire blockchain-enabled ecosystem growing today.”
