Bitcoin soared to an all-time high on Thursday, surpassing $98,000 for the first time, fueled by optimism that President-elect Donald Trump will introduce measures to ease cryptocurrency regulations.
The digital currency hit $98,004.50 during early Asian trading, with market observers predicting it could soon breach the $100,000 mark.
Since Trump’s election earlier this month, Bitcoin has surged nearly 40%, as investors rally around his campaign promises to transform the United States into a global hub for cryptocurrency. Trump also pledged to appoint tech billionaire Elon Musk to lead a comprehensive audit of government inefficiency, adding to the market’s enthusiasm.
Stephen Innes of SPI Asset Management commented, “The rally is driven by growing confidence in a crypto-friendly administration under Trump. Speculators are seizing the momentum, driving Bitcoin toward unprecedented valuations.”
