U.S. Congress Confirms Trump's Victory, Driving Bitcoin Price Close to $100,000

As the U.S. Congress is set to officially certify Trump's election as president, Bitcoin, the largest digital asset, is regaining upward momentum, with prices nearing the $100,000 mark.

On Monday, Bitcoin's price rose by as much as 1.41% to $99,871. As of last Sunday, Bitcoin's weekly gain reached 5.66%, the largest increase since November 24. Previously, due to investors wanting to take profits, the record set by Bitcoin in 2024 lost momentum by the end of December. In 2024, traders are optimistic that a pro-cryptocurrency White House under Trump will rally support for cryptocurrencies in the U.S., helping Bitcoin's price rise to an all-time high of $108,315. The U.S. Congress will hold a meeting on Monday to confirm Trump's victory in the U.S. election.

Khushboo Khullar, a partner at Lightning Ventures, which invests in Bitcoin-related companies, said, "With regulatory reforms under the Trump administration, a super cycle is expected in 2025."

Last Friday, investors saw a net inflow of $908 million into U.S. Bitcoin ETFs, marking the fifth-largest inflow since the fund's launch in January 2024; previously, these funds recorded a net outflow of $680 million on December 19, indicating a shift in momentum.

Bitcoin's price discrepancy on the leading U.S. digital asset exchange Coinbase and the global cryptocurrency exchange Binance serves as an indicator. At the start of the new year, the premium fell to its lowest point since the FTX collapse in late 2022 but has since rebounded, indicating stronger demand from U.S. investors. Joe McCann, founder and CEO of Miami-based crypto hedge fund Asymmetric, stated, "ETF issuers almost exclusively transact and custody with Coinbase, so they tend to drive the premium or discount based on ETF demand."

However, Bitcoin's outlook in 2025 partly depends on how much Trump fulfills his crypto promises, including setting up a national Bitcoin reserve. On January 6, MLIV Pulse conducted a survey asking which investments are most likely to become losers in 2025, with 39% of respondents selecting Bitcoin, which accounted for the largest share of votes.