Bitcoin Value Breaches $100,000

Bitcoin has hit a record high above $100,000 as the election of Donald Trump as U.S. president fuels expectations of a favorable regulatory environment for cryptocurrencies, Reuters reported.

The world's largest cryptocurrency was last up 3.4% at $101,635.

The world's largest cryptocurrency was last up 3.4% at $101,635.

Since Trump's victory on Nov. 5, the price has surged approximately 45%, driven by significant buying that funneled capital into U.S. bitcoin-backed exchange-traded funds (ETFs).

Geoff Kendrick of Standard Chartered London stated, “At the end of the day, it's just a number...but the reality is we've been able to get to this level because the industry has become institutionalized this year, particularly due to ETF inflows.”

"Bitcoin crossing $100,000 is more than just a milestone; it's a testament to shifting tides in finance, technology, and geopolitics," said Justin D’Anethan, a crypto analyst in Hong Kong.

"The figure, once dismissed as fantasy, is now a reality. Institutional adoption is evident, as seen in increased volumes on the CME, ETFs, and derivatives markets during U.S. hours. Essentially, funds now need to either get involved or risk standing on the sidelines while bolder competitors potentially outperform."