Bitcoin has reached a record-breaking $106,533, fueled by President-elect Donald Trump’s recent comments about creating a U.S. Bitcoin strategic reserve, akin to the nation’s oil reserve. This announcement has propelled the cryptocurrency to new heights, marking a significant milestone in the market’s explosive growth.
Bitcoin’s Latest Surge
At the opening of the Singapore market on December 16, Bitcoin soared past the $106,000 threshold, peaking at $106,533, according to CoinMarketCap. Although it slipped slightly below $105,000 during morning trading, it remained strong at $104,866.90 by 9 a.m., reflecting a 3.11% daily increase.
Read more: Elon Musk Faces SEC Showdown Over Twitter Stock Purchases
Bitcoin’s market capitalization has also surged by 3.12% to reach $2.07 trillion, cementing its dominance in the crypto space at 56%, a 0.29% increase in just 24 hours.
Trump’s Pro-Crypto Stance Sparks Market Optimism
Bitcoin’s meteoric rise can be attributed to President-elect Donald Trump’s recent pro-crypto remarks. Speaking to CNBC, Trump outlined his vision for the U.S. to lead in cryptocurrency innovation:
“We’re gonna do something great with crypto because we don’t want China or anybody else— not just China but others— embracing it ahead of us. We want to be the head.”
When asked specifically about creating a Bitcoin reserve akin to the strategic oil reserve, Trump responded:
“Yeah, I think so.”
This stance has electrified investor confidence, leading to a surge in Bitcoin’s value by over 50% since Trump’s election victory on November 5, 2024.
Crypto Market on a High
Bitcoin’s rally has contributed to the total cryptocurrency market value surpassing $3.8 trillion, nearly doubling its worth over the course of the year, according to CoinGecko data.
The rally hasn’t been limited to Bitcoin. The world’s second-largest cryptocurrency, Ether, also climbed 3% to $4,014, reflecting broader market momentum.
ETFs and Institutional Inflows Boost Market
Institutional interest in Bitcoin has also surged since Trump’s election win. U.S.-based exchange-traded funds (ETFs) have seen a staggering $12.2 billion in inflows for Bitcoin, while Ethereum-focused ETFs have attracted $2.8 billion in subscriptions.
These inflows are a clear sign of growing investor confidence, bolstered by a seven-week winning streak for Bitcoin—the longest since 2021, as highlighted in a Bloomberg report.
What’s Next for Bitcoin and the Crypto Market?
Bitcoin’s record-breaking run underscores a larger shift in the cryptocurrency market as U.S. policy signals greater adoption and regulation under Trump’s leadership. With talks of a strategic Bitcoin reserve, the coming months could solidify the U.S. as a global leader in the crypto economy.
Stay tuned for more updates on Bitcoin’s price movements, market trends, and how Trump’s pro-crypto policies could shape the future of digital currencies. Sign up for our newsletter to stay ahead in the fast-evolving crypto landscape!
