Breakthrough of 110,000 Imminent? Bitcoin Price Continues to Hit New Highs, Boyaa Interactive Leads Cryptocurrency Concept Stocks

Benefiting from the continuous rise in Bitcoin prices and consecutive historical highs, Hong Kong's cryptocurrency concept stocks have strengthened.

As of the time of publication, Boyaa Interactive (00434.HK), Lanxum Interactive (08267.HK), and Xiong'an Technology (01647.HK) rose by 7.18%, 6.56%, and 5.15%, respectively.

In terms of news, today Bitcoin price continues to hit historical highs, touching $106,427 at one point during the trading session. As of the time of publication, it is up 1.52%, reported at $104,722.50.

Currently, there are three licensed virtual asset trading platforms in Hong Kong. The Hong Kong Financial Services and the Treasury Bureau plans to submit the regulatory framework for the supervision of fiat-backed stablecoin issuers to the Legislative Council for review within this month.

Regarding virtual asset licenses, the Hong Kong Securities and Futures Commission pointed out in its recently released quarterly report that they are accelerating the relevant processes. They are currently reviewing license applications from 15 virtual asset trading platforms and expect to issue licenses to several qualified operators within this year.

Trump's Recent Actions Stimulate Bitcoin Strength

In fact, since Trump was elected President of the United States, Bitcoin prices have continued to strengthen. A series of positive public statements and commitments he made regarding Bitcoin and the cryptocurrency industry have made the election results a direct catalyst for the surge in Bitcoin prices.

For example, Trump hinted at plans to establish a Bitcoin Strategic Reserve similar to the U.S. Strategic Petroleum Reserve. The market is full of expectations for Trump’s support of digital assets and his commitment to positioning the U.S. as a dominant force in the global cryptocurrency industry, and this optimistic sentiment is directly reflected in the strong demand from institutional investors for cryptocurrency ETF products.

According to data compiled by the media, since the election day on November 5, a total of 12 cryptocurrency funds launched by issuers including BlackRock Inc. and Fidelity Investments have attracted approximately $9.9 billion in net inflows, helping to increase the total assets of such funds to about $113 billion.

In addition, Ray Dalio, founder of one of the world's largest hedge funds, Bridgewater Associates, recently stated that he would invest in “hard currencies” such as gold and Bitcoin while avoiding debt assets, given that most major economies are facing rising debt issues.