Bitcoin Hits New High; Breaks US$100,000 Milestone

A single Bitcoin is now worth over US$100,000.

Bitcoin has hit a new all time high, trading at over US$100,000 after going on a rally since the US Presidential Election. This comes just weeks after hitting its previous high of US$81,000 in early November 2024.

The world’s most popular cryptocurrency isn’t the only one seeing a significant increase in value. Donald Trump’s successful return as US President has fueled expectations that his administration will usher in a friendly regulatory environment for cryptocurrencies.

The last trading recorded was at US$103,225 earlier today, December 5 2024.

Bitcoin value increased by 45% since November 5, 2024

The largest cryptocurrency by market cap has seen its price jump by over 45% since Trump’s return.

Reports indicate that it is driven by buying interest that has seen huge capital inflow into U.S. bitcoin-backed exchange-traded funds.

Eleven bitcoin exchange traded funds (ETFs) were approved by the US Securities and Exchange Commission in January. The move has further fuelled the value of bitcoin in this year alone.

Trump vows to make the US the crypto capital of the world

During his presidential campaign earlier this year, Trump had expressed interest in creating a U.S. bitcoin reserve similar to those for gold and oil.

Trump’s comeback also saw the return of ‘crypto-friendly candidates’ being elected back into top government posts. The president-elect has also nominated Paul Atkins as the Securities & Exchange Commission (SEC) Chair.

Atkin was formerly the SEC commissioner during the presidency of George W. Bush. He is known for leaning more against too much market regulation.

Accompanying this increase in demand is the latest bitcoin halving which was completed earlier this year. The last halving happened in 2020. The latest one was completed in April 2024.