Bitcoin surpassed the $94,000 threshold for the first time on Wednesday.
Since Donald Trump, the self-proclaimed “crypto president,” was elected as the 47th president of the United States, Bitcoin’s price has been showing a record-breaking streak daily, buoyed by expectations of eased regulations and the possibility of the U.S. government stockpiling Bitcoin.
Citing CoinMetrics data, CNBC reported that Bitcoin’s price surged over 1% on Wednesday, reaching $94,942.00.
XRP, another cryptocurrency that recently broke the $1 barrier after Trump’s victory, continued its upward trajectory, climbing by 0.67% to $1.10.
While Bitcoin experienced a dip last week amid a broader decline in the New York stock market, it has rebounded strongly this week.
The primary driver behind this surge is the anticipation of crypto-friendly policies once Trump takes office on January 20 next year.
Speculation is growing that the Trump administration might consider holding Bitcoin as part of the national treasury reserves, similar to how it maintains Strategic Petroleum Reserves (SPR) for oil supply emergencies.
Considering this, optimistic forecasts suggest that Bitcoin’s current record-breaking performance could be just the beginning of a more extensive bullish market.
Joel Kruger, a market strategist at LMAX Group, shared with CNBC that the market is currently experiencing what he described as a “Trump trade.” He forecasted that mainstream investors and institutions would likely begin purchasing Bitcoin and other cryptocurrencies, potentially driving their prices even higher.
Meanwhile, Bitcoin-related stocks showed mixed results that day amid the overall decline in the New York stock market.
During the afternoon trading session, MicroStrategy, a software company known for its significant Bitcoin holdings, saw its stock price soar by 14.33% to $492.24.
However, Coinbase, the only listed cryptocurrency exchange, initially rose by 2% but later reversed course, dropping by 5% in the afternoon.
