Bitcoin Soars to Record High Amid Institutional Interest

Bitcoin reached an all-time high, driven by institutional demand and supportive policies from President Trump's administration. The cryptocurrency hit $116,781.10, marking a 24% gain this year. Trump's initiatives in crypto include appointing favorable individuals and exploring an ETF. Ether also saw significant gains.

Bitcoin witnessed a historic surge, reaching a record high as institutional investors poured in and U.S. President Donald Trump's supportive stance spurred optimism.

On Friday, Bitcoin peaked at $116,781.10 during the Asian trading session, reflecting more than a 24% increase this year. In a move to solidify crypto presence, President Trump signed an executive order creating a strategic reserve of cryptocurrencies, and appointed key crypto advocates like Securities and Exchange Commission's Paul Atkins and artificial intelligence czar David Sacks.

Further cementing his administration's crypto-friendly approach, Trump's family business, Trump Media & Technology Group, is progressing towards launching an exchange-traded fund that would invest in various crypto tokens, including Bitcoin, as detailed in a recent SEC filing. In tandem, Ethereum also experienced a notable jump, trading over 5% higher at $2,964.02, following a five-month peak.

(With inputs from agencies.)