The price of Bitcoin surpassed the $95,000 mark for the first time during Asian trading on Thursday, driven by investor expectations of a potentially more favorable U.S. regulatory approach to cryptocurrencies under president-elect Donald Trump.
At around 01:24 GMT, the largest cryptocurrency by market capitalization exceeded this threshold, reaching a new record of $95,004.50.
Bitcoin, which has risen by about 35% since Donald Trump’s victory on November 5, then moderated its gains in the following minutes and was trading at $94,907 around 01:45 GMT.
Among the anticipated measures for the cryptocurrency sector is the creation of a strategic reserve of Bitcoins in the United States, mostly composed of tokens seized by law enforcement, which could encourage other countries to grant greater legitimacy to this virtual currency.
To establish this reserve, the U.S. government would commit to no longer selling the Bitcoins already in its possession, primarily those seized in judicial cases.
The president-elect has also promised to drastically ease regulations on the digital currency sector, stating that he would make the United States “the global capital of Bitcoin and cryptocurrencies.”
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