On Thursday, Bitcoin’s price surpassed $98,000 during European trading, rising approximately 4% for the day. Since the beginning of the year, the cryptocurrency’s value has doubled and increased by 40% in the two weeks following Donald Trump’s election as U.S. president and the rise of pro-crypto lawmakers in Congress.
IG Markets analyst Tony Sycamore remarked, “While Bitcoin is in overbought territory, it is moving toward the $100,000 level.” During his presidential campaign, Trump voiced strong support for digital assets, pledging to make the U.S. the “crypto capital of the world” and establish a national Bitcoin reserve.
Following the election, over $4 billion has been invested in U.S.-based Bitcoin exchange-traded funds (ETFs). This week, options on BlackRock’s Bitcoin ETF launched successfully, with contracts betting on price increases proving more popular.
Crypto-related stocks have also surged: shares of Bitcoin miner MARA Holdings rose nearly 14%, while MicroStrategy, a company heavily invested in Bitcoin, gained 10%, pushing its market capitalization above $100 billion.
