Delhi Delhi. Bitcoin’s price edged towards $100,000 on Thursday, as investors bet that a friendlier U.S. regulatory approach to cryptocurrencies under President-elect Donald Trump would spark a bullish trend for the asset class.Bitcoin prices rose above $98,000 for the first time during European trade, and were up nearly 4% on the previous day.
The cryptocurrency has more than doubled in price this year and is up nearly 40% in the two weeks since Trump was elected as the next U.S. president and pro-crypto lawmakers were elected to Congress.”While it is now firmly in overbought territory, it is heading towards the $100k level,” said Tony Sycamore, analyst at IG Markets.Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and accumulate a national reserve of bitcoin.
Bitcoin exchange-traded funds listed in the U.S. have seen more than $4 billion inflows since the election. This week, there was a strong start for options on BlackRock’s ETF, with call options – bets on the price rising – more popular than puts. Crypto-related stocks have surged along with the price of bitcoin and shares of bitcoin miner MARA Holdings rose nearly 14% overnight, while loss-making software company MicroStrategy, which has been buying bitcoin, rose 10% to take its market capitalization above $100 billion. “Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for.
