Bitcoin continues its relentless march towards the $100,000 mark, hitting over $96,000 for the first time in Asian trade. Investors appear optimistic about a more receptive regulatory approach to cryptocurrencies under President-elect Donald Trump, which many believe could trigger a boom for the asset class.
The cryptocurrency traded at $96,908.53, as of 11:55 AM (Bangkok time) on Thursday.
Bitcoin’s value has more than doubled this year, with a 40% spike in the fortnight following Trump’s election victory and the appointment of various cryptocurrency-friendly legislators to Congress. Analysts note that despite the cryptocurrency being in the “overbought” zone, it remains drawn towards the $100,000 milestone.
Trump’s electoral campaign exhibited a positive stance towards digital assets, vowing to transform the United States into the “crypto capital of the planet” and even amass a national cache of bitcoin.
The post-election period witnessed over $4 billion being channeled into U.S. listed bitcoin exchange-traded funds. Furthermore, there’s a surge in crypto-related stocks, with shares in bitcoin mining firm MARA Holdings jumping nearly 14% overnight.
However, it is too early to predict whether this administration will deliver the regulatory clarity sought by the crypto community, according to Will Peck, head of digital assets at WisdomTree, a leading ETF issuer.
Meanwhile, he added that the current enthusiasm is not only positive for Bitcoin and other cryptocurrencies but also represents a bullish sentiment for the entire growing blockchain-powered ecosystem.
