….Bitcoin Nears $100,000 as Investors Eye Pro-Crypto U.S. Policies
Bitcoin surged closer to the $100,000 milestone on Thursday, buoyed by investor optimism over a potentially crypto-friendly regulatory environment under President-elect Donald Trump.
In Asian trading, Bitcoin hit a record high of $96,898, marking a significant rise from its previous levels. The cryptocurrency has more than doubled in value this year and climbed nearly 40% in the two weeks following Trump’s election and the victory of several pro-crypto lawmakers in Congress.
“While it’s now firmly into overbought territory, it is being drawn toward the $100k level,” said Tony Sycamore, an analyst at IG Markets.
Trump’s campaign rhetoric included strong support for digital assets, with promises to position the United States as the “crypto capital of the planet” and to establish a national Bitcoin reserve.
Since the election, U.S.-listed Bitcoin exchange-traded funds (ETFs) have seen over $4 billion in inflows. Options trading for BlackRock’s Bitcoin ETF (IBIT.O) also made a strong debut, with call options (bets on price increases) outpacing puts.
Crypto-related stocks have mirrored Bitcoin’s rise. Shares of Bitcoin miner MARA Holdings (MARA.O) surged nearly 14% overnight, while MicroStrategy (MSTR.O), a software company known for its heavy Bitcoin investments, climbed 10%, pushing its market valuation beyond $100 billion.
“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 WisdomTree.
Peck added that the enthusiasm around Bitcoin’s rally bodes well not just for the cryptocurrency but also for the broader blockchain ecosystem.
As Bitcoin approaches $100,000, the crypto market is abuzz with speculation about the potential for a new boom era under the forthcoming administration.
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