Bitcoin prices exceed $97,000 for the first time on optimism over Donald Trump’s crypto plans

Bitcoin prices surpassed $97,000 for the first time on Thursday, November 21, amid expectations of a friendlier US regulatory approach to cryptocurrencies under President-elect Donald Trump. Bitcoin prices rose 5.7% to around $97,445 with a current market cap of $1.93 trillion, according to data on Coinmarketcap.

The price of the world’s largest cryptocurrency Bitcoin hit its all-time high of $97,628 and is marching towards the $1,00,000 mark.

The Bitcoin price has more than doubled this year, and the crypto market as a whole consolidated gains of approximately $900 billion since Trump was voted in as the next US president and a number of pro-crypto lawmakers were elected to Congress.

“A year ago, Bitcoin was trading at $30,000. Today, it has risen to over $97,000 – a remarkable growth of over 300%. This rally is driven by growing optimism following Donald Trump’s re-election as President of the United States. Bitcoin has set new records, not driven not only by renewed confidence, but also by increasing access to Bitcoin ETFs and options. Institutional participation in the market further drives this upward trend,” said Edul Patel, co-founder and CEO of Mudrex.

Since Trump’s re-election just two weeks ago, Bitcoin is up 40%, and news of Trump’s plan to establish a dedicated role in the White House for crypto policy has further boosted market sentiment, resulting in price action, Patel said.

At this rate, he believes the $100,000 milestone looks to be within reach in a few days.

“Overall, growing regulatory clarity and growing mainstream adoption are playing a significant role in this year’s rally,” Patel added.

Trump promised to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

Bitcoin’s dizzying rally underscores the growing influence of the digital asset sector as it advocates for the establishment of a dedicated White House position focused on cryptocurrency policy under Donald Trump.

Trump’s team is reportedly in discussions to create such a role, with industry representatives lobbying for it to include direct access to the president-elect, who has emerged as a prominent supporter of cryptocurrencies.

This development adds to the positive sentiment in the US digital asset market, alongside MicroStrategy Inc.’s plans to accelerate Bitcoin purchases and the introduction of options trading on US-listed Bitcoin exchange-traded funds (ETFs).

More than $4 billion has flowed into US-listed Bitcoin ETFs since the election. This week marked a strong debut for options trading on BlackRock’s Bitcoin ETF, with call options — indicating bullish bets on price increases — outperforming put options, Reuters reported.

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(With input from Reuters)

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