Bitcoin Bitcoin surpassed the $95,000 mark for the first time on Wednesday evening as investors continued to price in a re-election bid for Donald Trump as president.
The price of the flagship cryptocurrency recently rose by more than 3% to $97,646.68, according to Coin Metrics. Earlier, it was as high as $97,788.00.
MicroStrategy stockBitcoin agents gained 3% in extended trading. Mining stocks also rose Mara Holdings up 4%.
Bitcoin continues its march towards $100,000
Bitcoin has regularly set new records this month on hopes that Trump will usher in a golden age for cryptocurrencies, including more supportive regulation of the industry and a potential national strategic Bitcoin reserve or stockpile.
It is widely expected to hit $100,000 this year and double by the end of 2025.
“Bitcoin’s price continues to be driven by a variety of factors, including improving liquidity conditions, increased institutional adoption and a shift in the regulatory environment from headwinds to tailwinds,” said Swan Bitcoin analyst Sam Callahan.
Another Trump term would also mean larger budget deficits, potentially higher inflation, and a change in the dollar’s international role — all of which would have a positive impact on Bitcoin’s price.
In 2024, Bitcoin will increase by more than 127%.
