Bitcoin Breaks Records Amidst Trump's Crypto Embrace

Investor optimism grows as Bitcoin nears $100,000, fueled by Trump's crypto-friendly stance and the election of pro-crypto lawmakers. The cryptocurrency's value and related stocks soar, while speculation about regulatory clarity remains. Over $4 billion has been invested in bitcoin ETFs following Trump's election.

Bitcoin continues its unprecedented march towards the $100,000 mark, spurred by investor confidence in a more favorable regulatory landscape under President-elect Donald Trump. In Asian trading on Thursday, Bitcoin prices topped an all-time high exceeding $95,000.

Since Trump's election victory, Bitcoin's price has more than doubled this year, surging roughly 40% over the past two weeks as pro-crypto representatives take seats in Congress. IG Markets analyst Tony Sycamore noted the cryptocurrency is pulling towards the $100,000 milestone, despite being in overbought territory.

Trump's campaign promises hinted at transforming the U.S. into a global cryptocurrency hub, with significant investment flowing into bitcoin exchange-traded funds. Meanwhile, bitcoin-related stocks like MARA Holdings and MicroStrategy are experiencing significant gains. Will Peck of WisdomTree highlighted the potential positive impact on the broader blockchain ecosystem.

(With inputs from agencies.)