Bitcoin It broke through the $98,000 level for the first time on Thursday as investors continued to price in Donald Trump's second presidency.
The price of the major cryptocurrency recently rose more than 3% to $97,338.66, according to Coin Metrics. Earlier, it rose to a high of $98,367.00.
Crypto exchange Coinbase It was 4% lower and Accurate strategy It was flat. Mining company stocks came under pressure Mara Holdingup 9%.
Bitcoin continues its march towards $100,000
Bitcoin is regularly hitting new records this month with hopes that Trump will usher in a golden age for cryptocurrencies, which will include more supportive regulation of the industry and a potential national strategic bitcoin reserve.
This latest move was caused by rising funding rates and open interest in the futures market during Asian trading. Around the same time, premiums fell in spot markets, according to data from CryptoQuant.
Bitcoin's recent moves higher also triggered a wave of short liquidations — more than $100 million in a 24-hour period at one point, according to CoinGlass — which sent the price higher overnight.
“Given previous moves of this magnitude, BTC has historically either gone through a period of consolidation, or shrugged off an overbought condition as investors pile in,” Rob Ginsberg, an analyst at Wolfe Research, said in a note on Wednesday.
“Since we have just come out of one of the long flat periods, and the price is currently at a new high, something tells us that the chase is on,” he added. “The real test will come when it hits the key psychological level of $100,000 likely in the coming weeks” – and it could arrive as early as Thursday.
Another Trump term also suggests larger budget deficits, perhaps more inflation and changes in the international role of the dollar – all things that would have a positive impact on the price of Bitcoin.
Bitcoin gained more than 130% in 2024.
— CNBC's Michael Bloom contributed reporting.
