Bitcoin Hits $97,892 as Trump’s Pro-Crypto Agenda Fuels Market Surge

Bitcoin reached a new all-time high of $97,892 on Thursday as investors rallied behind expectations of a favorable U.S. regulatory stance on cryptocurrencies under President-elect Donald Trump. The surge comes amid rising institutional interest and significant inflows into Bitcoin ETFs.

Market Bets on Pro-Crypto U.S. Administration

As of 6:06 GMT, Bitcoin climbed 2.95 percent to $97,156, fueled by speculation that the Trump administration will foster a crypto-friendly environment. This momentum has propelled the digital currency past previous resistance levels, setting new records amid growing enthusiasm across markets.

Trump’s Election Ignites Bitcoin Rally

Bitcoin has more than doubled in value this year, surging nearly 40 percent since Trump won the presidency. His campaign promises included making the U.S. the “crypto capital of the planet” and building a strategic Bitcoin reserve, sending bullish signals to the market.

The coin broke the $94,000 barrier after reports emerged that Trump’s media firm, Truth Social, was negotiating a deal to acquire crypto trading platform Bakkt further stoking investor optimism.

Trump also launched World Liberty Financial, a crypto-centric business venture, back in September. Though specifics remain scarce, his vocal support has energized the market. Elon Musk, a key Trump supporter and crypto advocate, adds to the growing momentum.

Institutional Inflows Hit Record Highs

More than $4 billion has flowed into U.S.-listed Bitcoin exchange-traded funds (ETFs) since the election. This week saw a strong debut for BlackRock's ETF options, where bullish call options dominated investor behavior.

ETH ETF flows are going to surprise people in 2025. There is growing institutional demand for ETH exposure.

Matt Hougan

Rising prices have pushed up crypto-related stocks. Shares of Bitcoin miner MARA Holdings jumped nearly 14 percent overnight, while MicroStrategy rose 10 percent, propelling its market cap beyond $100 billion.

Crypto Market Tops $3 Trillion

According to analytics provider CoinGecko, the total global cryptocurrency market cap has exceeded $3 trillion, marking a historic milestone. Bitcoin’s trading volumes are also at their highest since mid-March, indicating a surge in institutional buying activity.

With Trump's incoming administration poised to implement crypto-positive policies, experts believe this could be the start of a new golden era for digital assets.