Bitcoin hits a record $106,493 as optimism grows over Trump’s pro-crypto stance
louis Buyisiwe
Monday, December 16, 2024
Bitcoin has surged to an all-time high, continuing its upward trend fueled by President-elect Donald Trump's positive stance on digital assets. His plans to position the US as a global leader in the sector have further boosted the market's confidence.
The top cryptocurrency rose over 3% on Monday in Asia, reaching an unprecedented $106,493, surpassing its previous record from December 5. This rise has also lifted the broader cryptocurrency market.
Trump is expected to create favorable regulations for digital assets, reversing restrictions imposed under President Joe Biden's administration. Additionally, Trump has suggested building a national Bitcoin reserve, though some question how practical this idea is.
“There’s a lot of expectation for a more supportive administration,” said Aya Kantorovich, co-founder of the institutional crypto platform August, on Bloomberg Television. The growing optimism is evident in the increasing demand for exchange-traded funds that focus on digital assets, she added.
On Friday, Nasdaq Global Indexes announced that MicroStrategy Inc., a Bitcoin-focused company, would join the Nasdaq 100 Index.
MicroStrategy has transformed into a company largely betting on Bitcoin, capturing Wall Street's attention by raising funds to invest billions into the cryptocurrency.
“Now that MicroStrategy is in Nasdaq, index funds may buy its shares, and that will help the company to raise more equity to buy more Bitcoin,” explained Sean McNulty, director of trading at Arbelos Markets.
Bitcoin, which has more than doubled in value this year, was trading at $105,400 as of 9:55 a.m. Monday in Singapore. Other cryptocurrencies like Ether and Dogecoin also saw gains.
The original cryptocurrency has now completed a seven-week winning streak, its longest since 2021.
