Bitcoin’s climb towards $100,000 gained momentum on Thursday, as investors grew optimistic about a more favorable U.S. regulatory stance on cryptocurrencies under President-elect Donald Trump.
This optimism is fueling expectations that a new regulatory environment could usher in a boom for the crypto market.
Bitcoin prices surged past $96,000 for the first time in Asia trading, reaching a peak of $96,898.
The cryptocurrency has more than doubled in value this year and has risen approximately 40% since Trump’s election victory, alongside the election of several pro-crypto lawmakers to Congress.
The surge in Bitcoin’s price is also driving gains in crypto-related stocks. Shares of Bitcoin mining company MARA Holdings saw a nearly 14% increase overnight, while MicroStrategy, a software company that has been aggressively acquiring Bitcoin, rose by 10%, pushing its market capitalization past $100 billion.
“Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It’s likely too soon to say,” said Will Peck, head of digital assets at WisdomTree, a global exchange-traded fund issuer.
“We see all of this excitement as bullish not only for bitcoin or crypto broadly but the entire blockchain-enabled ecosystem that is growing today.”
