- Bitcoin has doubled this year.
- Up 40% since the US elections.
- Crypto-related stocks are soaring.
Bitcoin’s march toward $100,000 advanced further on Thursday as investors bet that a more friendly U.S. regulatory approach to cryptocurrencies under President-elect Donald Trump will spark a boom era for the asset class.
Bitcoin prices surpassed $96,000 for the first time in Asian trading, reaching a high just above $96,898.
The cryptocurrency’s price has more than doubled this year and is up about 40% in the two weeks since Trump was elected the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress.
“Although it is now firmly in overbought territory, it is closing in on the $100,000 level,” said Tony Sycamore, an analyst at IG Markets.
Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and amass a national stockpile of bitcoin.
More than $4 billion has been pumped into US-listed Bitcoin exchange-traded funds since the election. This week saw a strong start for options on the BlackRock ETF with calls – bets on rising prices – more popular than puts.
Crypto-related stocks soared 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 bitcoin , increased by 10% to take its market capitalization beyond. 100 billion dollars.
“Many are wondering whether this administration will provide the regulatory clarity the crypto community has been waiting for. It’s probably too early to tell,” said Will Peck, head of digital assets at WisdomTree, a global issuer of exchange-traded funds.
“We view all of this enthusiasm as bullish not just for bitcoin or crypto in general, but for the entire blockchain-enabled ecosystem that is growing today.”