Bitcoin tops $105,000 for first time in new record for largest digital token

This comes days after the digital currency, on December 5, crossed $100,000 for the first time.

Published on: Dec 16, 2024, 08:43:11 IST

By HT News Desk, New Delhi

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Bitcoin surged to a record high of more than $105,000 in early trade as Asian markets opened for trading on Monday morning, with the rise coming days after the digital currency, on December 5, crossed $100,000 for the first time.

FILE PHOTO: Representation of the bitcoin cryptocurrency and a price chart are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Also Read: Timeline to $100,000 and beyond | Bitcoin's wild ride

At one point, Bitcoin rose over 3 per cent to an unprecedented $106,493, extending the previous December 5 peak, Bloomberg reported.

Smaller tokens such as the second-ranked Ether, as well as XRP and Dogecoin also posted increases.

Also Read: Is Bitcoin legal in India? What you need to know before buying or selling it

Experts have credited US President-elect Donald Trump with the rally in Bitcoin's shares.

The Republican leader, who defeated his Democratic rival, Vice President Kamala Harris, in last month's election and will begin his second term in January, is moving toward creating a “friendly” regulatory backdrop for digital assets, Bloomberg noted.

Also Read: If you invested ₹10,000 in Bitcoin in 2010, it would now have become…

This will “undo” a crackdown on the largest digital token under the outgoing Joe Biden-led administration, it added.

Additionally, Trump is also reportedly backing the idea of a strategic “national Bitcoin stockpile,” even as questions persist on the feasibility of the idea.

Aya Kantorovich, co-founder of August, an institutional crypto platform, said “a lot of people” were basing their expectations on a “much more favourable” administration.

Also Read: Bitcoin millionaire sets up treasure hunt in US, $2 million up for grabs

“The optimism is reflected in demand for exchange-traded funds investing in digital assets,” she added.

Since Trump's win, Exchange Traded Funds investing directly in Bitcoin have attracted $12.2 billion of net inflows. On the other hand, subscriptions for similar products for Ether have reached $2.8 billion over the same period.

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HT News Desk
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