Bitcoin’s upward journey toward $100,000 gained momentum on Thursday as investors anticipated a favorable U.S. regulatory environment for cryptocurrencies.
According to a report by Samaa News, the cryptocurrency hit a milestone, surpassing $96,000 in Asian trading and peaking at $96,898. Having more than doubled in value this year, Bitcoin has experienced a 40% surge in just two weeks following Trump’s election and the rise of pro-crypto lawmakers in Congress.
“Bitcoin is now deep in overbought territory, but it’s gravitating towards the $100k mark,” remarked Tony Sycamore, an analyst at IG Markets. During his campaign, Trump championed digital assets, vowing to establish the U.S. as the “crypto capital of the planet” and proposing the creation of a national Bitcoin reserve.
Crypto-related stocks have also benefited from Bitcoin’s rally. Shares of Bitcoin mining firm MARA Holdings surged nearly 14% overnight, while MicroStrategy, a software company heavily invested in Bitcoin, saw its stock jump 10%, pushing its market value past $100 billion.
Will Peck, head of digital assets at WisdomTree, highlighted the potential impact of the new administration:
“While regulatory clarity remains uncertain, the enthusiasm surrounding this transition is bullish not just for Bitcoin but for the broader blockchain ecosystem.”
