Bitcoin Reaches New All-Time High, Surpasses $106,000
The digital asset has surged by over 50% since Trump's re-election on November 5.
Bitcoin, the world’s largest cryptocurrency, has reached an unprecedented value of over $106,000, continuing its remarkable rise following US President-elect Donald Trump’s plans to establish a strategic Bitcoin reserve.
On December 16, 2024, Bitcoin briefly crossed the $106,000 mark, hitting $106,533 before retreating to around $104,500 in early Asian trading.
The digital asset has surged by over 50% since Trump’s re-election on November 5.
Tony Sycamore, an analyst at IG, commented, “We are now in uncharted territory. The next key milestone the market is eyeing is $110,000. The expected pullback hasn’t materialized, and the news surrounding Trump’s crypto reserve is driving momentum.”
The recent surge comes after President Trump’s announcement of plans to create a reserve for cryptocurrency, similar to the US oil reserves.
In a CNBC interview, Trump stated, “We’re going to do something remarkable with crypto. We cannot let China or any other nation take the lead—we aim to be at the forefront.”
Bitcoin and other cryptocurrencies have gained significant attention since Trump’s victory, with many investors believing his administration will introduce policies that are more favorable to the crypto market.
Remarkably, Bitcoin’s value has risen by 192% this year alone, cementing its position as a key asset in the global financial landscape.
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