Bitcoin breached the $95,000 level for the first time Wednesday afternoon as investors continue to price in Donald Trump’s second presidency.
The price of the flagship cryptocurrency ended up more than 3% at $97,646.68, according to Coin Metrics. Earlier, it increased to $97,788.00.
Shares from MicroStrategybitcoin proxy, earn 3% on full trade. Mining stocks rose as well, with Mara Holdings up 4%.
Bitcoin continues to advance towards $100,000
Bitcoin has regularly hit new highs this month on hopes that Trump will usher in a golden age of crypto, which will include more supportive regulation for the industry and a potential national strategic bitcoin reserve or stockpile.
Most are expected to reach $100,000 this year and double by the end of 2025.
“Bitcoin prices continue to be driven by a number of factors including improved liquidity conditions, increased institutional adoption, and a regulatory environment that has shifted from a headwind to a tailwind,” said Sam Callahan, analyst at Swan Bitcoin.
Another Trump term also implies a bigger budget deficit, possibly more inflation and a change in the international role of the dollar – all of which will have a positive impact on the price of bitcoin.
Bitcoin has gained more than 127% in 2024.
