Bitcoin hit a fresh all-time high of $99,380 on Friday, fueled by expectations of a crypto-friendly regulatory shift under Donald Trump’s presidency. The cryptocurrency has surged 130% this year, including a 45% jump since Trump’s election victory on November 5, which also brought several pro-crypto lawmakers to Congress.
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Bitcoin’s rise has positioned it as a key winner in “Trump trades,” benefiting from the former president’s promises to make the U.S. the “crypto capital” and build a national bitcoin reserve. Investors anticipate reduced SEC scrutiny as Chair Gary Gensler plans to step down in January.
Boosted by the approval of U.S.-listed bitcoin ETFs earlier this year, the cryptocurrency appears closer to mainstream acceptance. “The longer it survives, the more seriously it’s taken,” said Shane Oliver, AMP Sydney’s chief economist.
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