SINGAPORE: Bitcoin surged past $96,000 for the first time on Thursday, fueled by investor optimism over a potentially friendlier regulatory environment under US President-elect Donald Trump. The cryptocurrency reached an intraday high of $96,898 in Asian trading, marking a significant leap in its march toward the $100,000 milestone.
The digital asset has more than doubled in value this year, with a 40% jump in the two weeks following Trump’s election victory and the emergence of pro-crypto lawmakers in Congress. Analysts believe the rally reflects growing confidence in the future of digital assets under the new administration.
“While Bitcoin is now firmly in overbought territory, it is being drawn toward the $100,000 level,” said Tony Sycamore, an analyst at IG Markets. Trump’s campaign promises to transform the United States into the “crypto capital of the planet” and amass a national Bitcoin reserve have further bolstered market sentiment.
Crypto Boom in US Markets
Since the election, more than $4 billion has flowed into US-listed Bitcoin exchange-traded funds (ETFs). This week also saw a strong debut for options on BlackRock’s Bitcoin ETF, with a notable preference for call options — bets that the price will rise — over puts.
The crypto rally has extended to related equities. Shares in Bitcoin miner MARA Holdings surged nearly 14% overnight, while MicroStrategy, a software company known for its Bitcoin holdings, gained 10%, pushing its market capitalization above $100 billion.
A New Era for Digital Assets?
The market is abuzz with speculation about whether the Trump administration will finally provide the regulatory clarity long sought by the crypto community.
“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 global ETF issuer WisdomTree.
Nonetheless, analysts see the current excitement as a bullish sign not just for Bitcoin, but for the broader blockchain ecosystem.
With momentum building, all eyes are on Bitcoin as it inches closer to the $100,000 mark — a psychological milestone that could redefine the digital asset landscape.
