Bitcoin's Unstoppable Ascent: Riding the Trump Wave to New Heights

Bitcoin reached a record high with expectations of a favorable regulatory environment under Trump. With over 130% growth this year, it remains a key 'Trump trade' asset. The anticipated end to SEC scrutiny and ETF approvals have propelled more investments into U.S.-listed bitcoin funds.

Bitcoin has hit another record high, with the cryptocurrency market buzzing with excitement over a potential regulation-friendly environment anticipated during a Donald Trump administration. Analysts attribute Bitcoin's impressive rally to these expectations, highlighting a massive value increase of over 130% this year alone.

The digital asset's momentum has been fueled by the election of pro-crypto lawmakers in the United States Congress and Trump's promises to establish the country as the 'crypto capital of the planet.' With many investors marking it as a standout 'Trump trade,' Bitcoin is now teetering on the edge of mainstream acceptance.

A critical factor in this surge has been the approval of U.S.-listed bitcoin exchange-traded funds (ETFs), following a long struggle with SEC opposition. Despite challenges during Gary Gensler's tenure as SEC Chair, the market was invigorated by his announced resignation. As over $4 billion flows into these ETFs since the election, Microstrategy emerges as a significant Bitcoin holder, seeing a notable rise in share trading activity.

(With inputs from agencies.)