Bitcoin breaks records for the second day in a row – rose to almost $110,000

Bitcoin hit an all-time high for the second day in a row, briefly surging to nearly $110,000.

This was reported by Bloomberg. 

On Tuesday, the cryptocurrency rose 2.1% to $108,315 before returning to its opening price of $106,000. It has risen more than 150% this year, and traders are betting on further gains in the market options.

Bitcoin hit the $100,000 mark less than two weeks ago after President-elect Donald Trump announced his plans to nominate crypto-supporter Paul Atkins to head the U.S. Securities and Exchange Commission. Token prices have continued to rise as cryptocurrencies and related companies such as MicroStrategy Inc. gained more institutional recognition.

After Trump's election victory, crypto markets experienced significant growth as the industry expects a more favorable regulatory environment.

«What drives prices is the outcome of the US election, as well as the prospects of the US having Bitcoin as a strategic reserve asset in 2025, geopolitical instability, looser monetary policy – these factors are likely to remain favorable in 2025», said James Butterfill, head of the analytical department at CoinShares.

As reported by Ukrinform, cryptocurrency executives and investors are pushing for President-elect Donald Trump to create a national reserve of bitcoins, supposedly to use future revenues to pay off the US national debt.