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Bitcoin storms above $100,000 as bets on Trump fuel crypto euphoria

Bitcoin catapulted above $100,000 for the first time on Thursday, a milestone hailed even by sceptics as a coming-of-age for cryptocurrencies as investors bet on a friendly U.S. administration to cement cryptos' place in financial markets.

The total value of the cryptocurrency market has almost doubled over the year so far to hit a record just shy of $3.8 trillion, according to data provider CoinGecko. By comparison, Apple alone is worth about $3.7 trillion.
  

Bitcoin's march from the libertarian fringe to Wall Street has minted millionaires, a new asset class and popularised the concept of "decentralised finance" in a volatile and often controversial period since its creation 16 years ago.
Bitcoin has more than doubled in value this year and is up more than 50% in the four weeks since Donald Trump's sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.

Once it broke $100,000 in Thursday's Asian morning, it was soon above $103,000 on its way to an all-time high of $103,619, a surge of about 6% on the day. It was last fetching $101,933 .
"We're witnessing a paradigm shift," said Mike Novogratz, founder and CEO of U.S. crypto firm Galaxy Digital.

"Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream - this momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path."

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.
"We were trading basically sideways for about seven months, then immediately after Nov. 5, U.S. investors resumed buying hand-over-fist," said Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund.

On Wednesday, Trump said he would nominatePaul Atkinsto run the Securities and Exchange Commission.
Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to "develop best practices for digital asset issuances and trading platforms," and the Chamber of Digital Commerce.

"Atkins will offer a new perspective, anchored by a deep understanding of the digital asset ecosystem," said Blockchain Association CEO Kristin Smith.

"We look forward to working with him ... and ushering in – together – a new wave of American crypto innovation."

A slew of crypto companies including Ripple, Kraken and Circle are alsojostlingfor a seat on Trump's promised crypto advisory council.

 
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