Bitcoin has passed $100,000, marking its highest price since the cryptocurrency launched more than a decade ago, and as of this writing, it has reached $103,359.00, according to Kraken. Despite its triumphs, Bitcoin’s value is still being measured in USD, emerging as an alternate payment option or investment rather than a replacement for fiat currency.
The price of Bitcoin spiked following the news that Donald Trump won the 2024 US Presidential Election. Bitcoin sat around $69,000 on Election Day but later shot to $75,000 following the news that Trump won, according to data from CoinDesk. Its price has been rising since, as investors expect a more crypto-friendly environment under the Trump administration.
Trump, who has launched his own cryptocurrency platform, has promised to hold onto the Bitcoin owned by the federal government while also vowing to fire Securities and Exchange Commission chair Gary Gensler, who has fought to regulate crypto firms. Gensler later announced that he would step down from the position in January.
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Image: Dune Analytics
The final push past the $100k mark occurred a few hours after Trump announced several nominations for his administration, which included adding former Republican Securities and Exchange Commissioner Paul Atkins as his pick to lead the agency. Atkins has served as co-chair of the Chamber of Digital Commerce’s Token Alliance, and Trump said he “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Other factors contributed to the Bitcoin spike as well, including the start of options trading on Blackrock’s Bitcoin exchange-traded fund, which saw $1.9 billion traded during its first day.