Bitcoin Breaks Barriers: Marching Toward $100,000 under Trump's Crypto Policies

Bitcoin's value is nearing the $100,000 mark as investor confidence grows in a pro-cryptocurrency regulatory environment under President-elect Donald Trump. With the cryptocurrency's price doubling this year, interest is surging, fueled by options on Bitcoin ETFs and crypto-friendly lawmakers in Congress.

The price of Bitcoin continued its impressive climb on Thursday, edging closer to the landmark $100,000 value. This surge comes amid optimism that President-elect Donald Trump's administration will adopt a more favorable regulatory stance toward cryptocurrencies.

Bitcoin reached as high as $96,898 in Asian markets, marking a significant increase of over 40% since Trump's election, accompanied by a rise in pro-cryptocurrency lawmakers in Congress. The cryptocurrency has more than doubled in value over the year, reflecting robust market confidence.

Experts, like IG Markets analyst Tony Sycamore, note that Bitcoin is in 'overbought' territory but is gravitating toward the $100k milestone. Trump's campaign promises to make America the 'crypto capital of the planet' by stockpiling Bitcoin have further fueled investor excitement. Additionally, over $4 billion has flowed into U.S.-listed Bitcoin ETFs post-election, with BlackRock's ETF options seeing a strong debut.

Crypto-related stocks, including Bitcoin miner MARA Holdings and software firm MicroStrategy, have benefitted from rising Bitcoin prices, experiencing notable gains. While hopes are high for regulatory clarity under Trump's leadership, Will Peck of WisdomTree cautions that it might be too early to conclude that regulatory certainty for the cryptocurrency sector is on the horizon.

(With inputs from agencies.)