Since the US election, more than $4 billion has streamed into U.S.-listed Bitcoin exchange-traded funds
Bitcoin is witnessing a steady surge toward the $100,000 level, rising to an all-time high on Thursday as markets bet on a friendlier U.S. regulatory approach to cryptocurrencies under president-elect Donald Trump, which will likely unleash a boom era for the asset class.
As of 6:06 GMT, Bitcoin gained 2.95 percent to $97,156, after rising to a record high of $97,892 earlier in the session.
Trump’s election spurs crypto surge
Bitcoin’s price has more than doubled this year and rose around 40 percent since Trump was voted in as the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress. Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of Bitcoin.
Bitcoin broke the $94,000 level yesterday after the release of a report that Donald Trump’s social media company Truth Social was in talks to buy crypto trading firm Bakkt, which added to hopes of a cryptocurrency-friendly regime under the incoming administration. A pro-Bitcoin administration may also open the door for banks, custodians, and exchanges to participate in blockchain technology at an unprecedented level.
Trump also launched a new crypto business, World Liberty Financial, in September. Although details about the business are few, investors have taken his personal interest in the sector as a friendly signal. In addition, billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.
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Bitcoin ETFs gain momentum
Since the election, more than $4 billion has streamed into U.S.-listed Bitcoin exchange-traded funds. This week, there was a strong debut for options on BlackRock’s ETF, with call options more popular than puts.
“ETH ETF flows are going to surprise people in 2025. There is growing institutional demand for ETH exposure,” stated Bitwise chief investment officer Matt Hougan.
Crypto-related stocks have been soaring along with the Bitcoin price. Shares in Bitcoin miner MARA Holdings were up nearly 14 percent overnight, while MicroStrategy rose 10 percent, taking its market capitalization beyond $100 billion.
The growing excitement has taken the global cryptocurrency market’s value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko. Notably, Bitcoin has registered its highest trading volumes since mid-March in recent weeks, signaling buying activity from larger market participants, such as institutional investors.
