The surge caps a stellar year for Bitcoin, which has more than doubled in value and risen 45 per cent since Donald Trump's 5 November election victory.
Bitcoin hit a fresh record high on Friday, closing in on the USD 100,000 milestone amid a rally fueled by anticipation of a favorable regulatory climate under the incoming Trump administration.
After rising as high as USD 99,800 earlier in the session, the cryptocurrency pared some gains to trade at USD 99,383, up 1.33 per cent.
The飙涨 caps a stellar year for Bitcoin, which has now more than doubled in value and risen 45 per cent since Donald Trump’s 5 November election win.
Investors have been heartened by Trump’s campaign promises to make the United States a global hub for digital assets. His pledge to build a national reserve of Bitcoin has further fueled enthusiasm in the market, along with the election of several pro-crypto lawmakers to Congress.
Bitcoin is now set for its third straight week of gains exceeding 10 per cent, with November shaping up to be its strongest month since February. The cryptocurrency has gained 130 per cent since the beginning of the year, underscoring its growing mainstream appeal.
A key factor behind Bitcoin’s rally is optimism over reduced regulatory scrutiny. SEC Chair Gary Gensler, who led an aggressive crackdown on major crypto platforms, announced he will step down in January, paving the way for a potentially softer stance under Trump. Gensler’s tenure saw lawsuits against exchanges like Coinbase, Binance, and Kraken over alleged violations of SEC rules—legal battles that these companies continue to contest.
The approval of Bitcoin exchange-traded funds (ETFs) earlier this year has also played a pivotal role in boosting demand. Long resisted by regulators citing investor protection concerns, these ETFs have enabled both retail and institutional investors to gain exposure to Bitcoin. Since the election, more than USD 4 billion has flowed into US-listed Bitcoin ETFs, highlighting the growing interest in the asset class.
Elsewhere, shares of crypto-focused companies mirrored Bitcoin’s performance. MicroStrategy, a major Bitcoin holder, rose 6.2 per cent on Friday, reflecting the broader optimism in the sector.
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