A store promoting bitcoin in Nicosia, Cyprus, September 25, 2024 (AFP / Jewel SAMAD)
Bitcoin crossed the $95,000 mark for the first time on Thursday, still carrying the “Trump effect”, the market anticipating more flexible legislation and economic policies that would be favorable to it under the future American administration.
The largest cryptocurrency by capitalization exceeded this level around 01:24 GMT, reaching a new record at $95,004.50.
Bitcoin then moderated its gains in the following minutes and was trading at $94,907 around 01:45 GMT.
Since Donald Trump’s victory on November 5, the value of bitcoin has increased by around 35%.
After surpassing its record from last March, the digital currency rose above $80,000 on November 10 and then $90,000 on November 13.
“Bitcoin is on its way to a phenomenal $100,000 valuation, driven by growing confidence that the Trump administration will usher in a crypto-friendly era, and speculators are rallying behind this narrative, fueling the frenzy” market, observed Thursday Stephen Innes, analyst at SPI Asset Management.
Among the measures expected from the cryptocurrency sector, that of a strategic reserve of bitcoins in the United States, mainly made up of tokens seized by the courts, and which could push other countries to grant more legitimacy to this virtual currency.
To constitute it, the American government would undertake to no longer sell the bitcoins already in its possession, mainly seized in the context of legal cases.
The president-elect also promised to drastically ease regulations on the digital currency sector, certifying that he would make the United States “the world capital of bitcoin and cryptocurrencies”.
In particular, he vowed to replace Gary Gensler, the boss of the policeman of American financial markets, the SEC, hated by a sector which criticizes him for a repressive approach.
