Bitcoin breached the $98,000 level for the first time Thursday as investors continued pricing in a second Donald Trump presidency.
The price of the flagship cryptocurrency was last higher by more than 4% at $98,187.00, according to Coin Metrics. Earlier, it rose as high as $98,367.00.
Shares of Coinbase advanced 3% in premarket trading while MicroStrategy, a bitcoin proxy, jumped 11%. Mining stocks rose as well, with Mara Holdings up 9%.
Bitcoin continues its march toward $100,000
Bitcoin has been regularly hitting fresh records this month on hopes that Trump will usher in a golden age of crypto, which would include more supportive regulation for the industry and a potential national strategic bitcoin reserve or stockpile.
“Bitcoin’s price continues to be driven by a number of factors including improved liquidity conditions, increased institutional adoption, and a regulatory environment that has flipped from a headwind to a tailwind,” said Sam Callahan, an analyst at Swan Bitcoin.
Another Trump term also implies larger budget deficits, potentially more inflation and changes to the international role of the dollar – all things that would have a positive impact on the price of bitcoin.
Bitcoin has gained more than 165% in 2024.
