Bitcoin climbs to a new all-time high above $97,000

Bitcoin broke the $95,000 level for the first time on Wednesday night as investors continued to price in another Donald Trump presidency.

The price of the flagship cryptocurrency was last higher by more than 3% at $97,646.68, according to Coin Metrics. Previously, it rose as high as $97,788.00.

Shares in MicroStrategya bitcoin proxy, rose 3% in extended trading. Mining stocks also rose Mara Holdings up 4 percent

Bitcoin has regularly hit fresh highs this month on hopes that Trump will usher in a golden age for crypto, which will include more supportive regulation for the industry and a potential national strategic bitcoin reserve or storage.

It is widely expected to reach $100,000 this year and double by the end of 2025.

“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 turned from a headwind to a tailwind,” said Sam Callahan, analyst at Swan Bitcoin.

Another Trump term also implies larger budget deficits, potentially more inflation and changes in the dollar’s international role — all things that would have a positive impact on the price of bitcoin.

Bitcoin is up more than 127% in 2024.