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Bitcoin hit a new all-time high on Friday, edging closer to the $100,000 mark, driven by growing optimism about a more crypto-friendly regulatory environment under a potential Donald Trump administration.
The cryptocurrency has more than doubled in value this year, gaining around 45% since Trump’s election victory on November 5, alongside the election of several pro-crypto lawmakers. While Bitcoin briefly surged above $99,000, it settled at approximately $98,500, up 0.5% for the day. Still, its momentum remains strong, on track for a third consecutive week of gains exceeding 10%, and its best monthly performance since February.
Bitcoin’s rally has made it a standout in the "Trump trades"—assets linked to expectations about Trump's policies. With this surge, the cryptocurrency is nearing mainstream acceptance, 16 years after its creation. Shane Oliver, chief economist at AMP Sydney, noted, "The longer it survives, the more seriously it's taken."
Bitcoin has surged around 130% this year. Trump has voiced support for digital assets, vowing to make the U.S. the "crypto capital of the planet" and create a national bitcoin reserve.Investors also see a potential end to the increased scrutiny from the U.S. Securities and Exchange Commission (SEC), especially after SEC Chair Gary Gensler announced his departure in January.
The approval of U.S.-listed bitcoin exchange-traded funds (ETFs) earlier this year has further boosted Bitcoin's market, allowing more investors, including institutional ones, to enter the space.
While crypto stocks were steadier on Friday, companies like MicroStrategy, a major bitcoin holder, saw a 2.6% rise in premarket trading, showing continued investor interest in the digital asset.
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