Bitcoin Surpasses $96,000 For First Time On Optimism About Trump’s Cryptocurrency Agenda

• Bitcoin has doubled this year.
• Up 40% since the US election.
• Stocks related to cryptocurrencies are on the rise.
  

Bitcoin’s run toward $100,000 gained further ground on Thursday as investors bet that a friendlier US regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom for the asset class.

Bitcoin prices broke above $96,000 for the first time in Asian trade, touching a high just above $96,898.

The price of the cryptocurrency has more than doubled this year and is up about 40% in the two weeks since Trump was voted the next US president and a number of pro-crypto lawmakers were elected to Congress.

“While it is now firmly in overbought territory, it is dragging towards the $100k level,” said IG Markets analyst Tony Sycamore.

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and amass a national bitcoin reserve.

More than $4 billion has flowed into U.S.-listed bitcoin exchanges since the election. This week saw a strong debut for options on BlackRock’s ETF, with call options — bets on the price going up — more popular than puts.

Crypto-related stocks have soared along with the price of bitcoin, and shares of bitcoin miner MARA Holdings rose nearly 14% overnight, while MicroStrategy, a loss-making software company that bought bitcoins, rose 10%. to exceed its capitalization. 100 billion dollars.

“Many are wondering if this administration will bring the regulatory clarity the cryptocurrency community has been waiting for. It’s too early to tell,” said Will Peck, head of digital assets at WisdomTree, a global issuer of exchange-traded funds.

“We see all of this excitement as bullish not just for bitcoin or crypto in general, but the entire blockchain-enabled ecosystem that is developing today.”