A stunning display of the biggest cryptocurrency according to market cap. Bitcoin BTC has reached a new high of $104,500, which makes many wonder what is driving the price up. The asset, like much of the crypto industry has had a slow start in 2025. It has responded to concerns by its huge surge now that we have passed the halfway point of January.
A number of crypto currencies have seen their prices skyrocket over the past week. Bitcoin, however, was left out in the cold when it came to price increases. It has now recovered from that bad Friday and is trading above six figures on the final day of trading before Donald Trump’s inauguration as US president-elect. Now, let’s explore why that could be.
Bitcoins worth $104,000 just arrived pic.twitter.com/Y1LMdyP3mm
— Watcher.Guru (@WatcherGuru) January 17, 2025
You may also like: Oklahoma Introduces Strategic Bitcoin Reserve Act
Bitcoin has risen to the level of $100 000: What is driving this?
Bitcoin has had an incredible year. It was in 2024 that the world’s first BTC ETF, which caused a stir among the finance industry, came into being. It also pushed the coin far beyond the $100,000 threshold for the very first time. Many experts believe that this year’s results could be even more impressive.
Bitcoin is now at $104k, which has led to many traders wondering what the reason for today’s BTC surge could be. The surge in Bitcoin is attributed to Donald Trump’s inauguration which takes place just 3 days away.
You may also like: Donald Trump Eyes Strategic Reserve for Coins Like Solana, XRP
Trump has reportedly already put cryptocurrencies at the forefront of his new administration. Reports claim that he will make the announcement soon. asset class a national priority He is re-evaluating crypto policies. Bitcoin’s surge is likely due to the optimism surrounding this reality.
Also, the US-elect President has discussed the creation of a Bitcoin Reserve for the Country. US Senator Cynthai Lummis proposed legislation to create a Bitcoin Act in the US last year. She has also already met with a representative Trump’s camp. Subsequently there is a belief that the bill may be passed sooner or later.
These events have probably led to an increase in the overall positive attitude towards asset classes. They are therefore likely to have been responsible for its recent rise of more than 5,7% over the last 24-hours, according CoinMarketCap.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
