Bitcoin Hits Record High of $107,000 After Trump Reaffirms Plan for Crypto Reserve š
Bitcoin surged to a new all-time high of $107,148 on the news that President-elect Donald Trump plans to create a U.S. Bitcoin strategic reserve, similar to the country's strategic oil reserve š¢ļø. This announcement sparked renewed enthusiasm among crypto bulls, pushing Bitcoin's value up 5.43% from late Friday.
Ethereum, the second-largest cryptocurrency by market cap, also saw gains, rising 1.85% to reach $3,975.70 š„.
Key Market Sentiment š
āWeāre in blue sky territory here,ā said Tony Sycamore, an analyst at IG. āThe next figure the market will be looking for is $110,000.ā He noted that many were anticipating a pullback, but with Trump's announcement, Bitcoinās bullish momentum remains strong š.
The Bitcoin rally and crypto market growth are attributed to the optimism that the incoming Trump administration will create a friendlier regulatory environment, benefiting the cryptocurrency market. Bitcoin has surged approximately 150% in 2024, fueled by expectations of clearer regulations and broader acceptance.
Trump's Vision for Crypto šŗšø
āWeāre gonna do something great with crypto because we donāt want China or anybody else ā not just China but others are embracing it ā and we want to be the head,ā Trump told CNBC late last week š¬.
When asked about building a crypto reserve, Trump confirmed, saying, āYeah, I think so,ā reinforcing his earlier statements on creating a strategic reserve for Bitcoin this year.
This continued push toward mainstream acceptance of cryptocurrency has made Bitcoin a focal point in global financial discussions š. With the Trump administration focusing on creating a positive regulatory framework for crypto, the marketās bullish sentiment is expected to continue š„.
