Bitcoin Price Hits New High At Over $106,000

Key Points:

• Bitcoin price surged over $106,000 amid optimism about President-elect Donald Trump’s plans for a supportive regulatory environment for digital assets.
• MicroStrategy’s inclusion in the Nasdaq 100 Index and growing Bitcoin ETF inflows reinforced market confidence.

Bitcoin price surged to fresh all-time highs, driven by hopes of President-elect Donald Trump‘s friendly stance on virtual currency and plans to make America the leader in the domain.

Read more: Japanese Bitcoin Reserve Now Proposed to Combat Economic Hardship 

Bitcoin Price Shoots to Record High on Trump’s Friendly Approach

According to Bloomberg, Bitcoin jumped more than 3% in Monday Asian trading to briefly reach an unprecedented $106,493 and surpass its previous peak of Dec. 16. At the time of writing, Bitcoin price is well above $104,600, boosting sentiment across the broader crypto market.

Trump’s platform notably includes the creation of a friendlier regulatory environment for digital assets, a stark contrast to the outgoing Biden administration’s tighter policies. The Republican has also toyed with the idea of stockpiling Bitcoin nationally, though analysts remain unconvinced about its viability.

MicroStrategy Joins Nasdaq 100, Boosting Crypto Sentiment

The crypto sector also gained a boost as news that Nasdaq Global Indexes will include MicroStrategy, a software company turned large Bitcoin investor, in the Nasdaq 100 Index. Aggressive issuance to buy billions in Bitcoin, Wall Street and institutional interest have underpinned its strategy.

US-based Bitcoin ETFs have added to the momentum, with net inflows of $12.2 billion since Trump’s victory in the November 5 election. Similar investment products for Ether, the second-largest cryptocurrency, have seen $2.8 billion inflows over the same period.