Bitcoin surged toward the historic $100,000 milestone Thursday, fueled by investor optimism over President-elect Donald Trump’s promised cryptocurrency-friendly policies and widespread institutional adoption of digital assets.
The leading cryptocurrency reached $98,000 during European trading hours, marking a 4% daily gain and extending a remarkable rally that has seen its value double this year. The digital asset has surged approximately 40% in the two weeks following Trump’s election victory and the concurrent success of pro-cryptocurrency congressional candidates.
Trump’s campaign pledge to make the United States the “crypto capital of the planet” and establish a national bitcoin reserve has catalyzed unprecedented institutional investment, with more than $4 billion flowing into U.S.-listed bitcoin exchange-traded funds since the election.
“While it’s now firmly into overbought territory, it is being drawn toward the $100k level,” noted IG Markets analyst Tony Sycamore, highlighting the psychological significance of the approaching milestone.
The cryptocurrency surge has lifted related equities, with bitcoin miner MARA Holdings shares jumping nearly 14% overnight. MicroStrategy, a software company known for its substantial bitcoin holdings, saw its market capitalization exceed $100 billion following a 10% rise.
The momentum gained additional support from the successful launch of options trading on BlackRock’s bitcoin ETF (IBIT.O), with investors showing a strong preference for call options betting on further price increases.
“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, WisdomTree’s head of digital assets. “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.”
