Bitcoin breaks $95,000 for first time on optimism over Trump crypto plans
The Hindu
Bitcoin’s march toward $100,000 made further ground on Thursday as the coin crossed $95,000.
Bitcoin's march toward $100,000 made further ground on Thursday as investors bet a friendlier U.S. regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom era for the asset class.
Bitcoin prices topped $95,000 for the first time in Asia trade, touching a high just above $95,040.
The cryptocurrency's price has more than doubled this year and is up about 40% in the two weeks since Trump was voted in as the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress.
"While it's now firmly into overbought territory, it is being drawn toward the $100k level," said IG Markets analyst Tony Sycamore.
Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.
More than $4 billion has streamed into U.S. listed bitcoin exchange-traded funds since the election. This week, there was a strong debut for options on BlackRock's ETF, with call options - bets on the price going up - more popular than puts.
Crypto-related stocks have been soaring along with the Bitcoin price and shares in Bitcoin miner MARA Holdings were up nearly 14% overnight, while MicroStrategy, a loss-making software company that has been buying Bitcoin, rose 10% to take its market capitalisation beyond $100 billion.
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