Up 4.1% from the previous day to $102,504
Major coins like Ethereum and Ripple also on the rise
Impact of Trump’s official victory certification
“Bitcoin’s outlook depends on the fulfillment of promises”
Donald Trump’s presidential victory was officially certified by Congress on the 6th (local time), reigniting the virtual asset rally. Bitcoin’s price has once again surpassed the $100,000 mark.
According to the cryptocurrency information platform Coin Metrics, Bitcoin’s intraday price rose 4.1% from 24 hours ago to $102,504. This is the first time in two weeks that Bitcoin has exceeded $100,000. On New Year’s Day, January 1st, Bitcoin was trading around $94,000, rose to $98,000 on the night of the 5th, and surged past $100,000 on the morning of the 6th. The U.S. Congress’s joint session to officially certify Trump’s election victory is analyzed as a major factor in this upward trend.
Ethereum traded at $3,701.27, up 2% from the previous day, and major cryptocurrencies like Ripple (2.7%), Solana (3.7%), and Dogecoin (1.5%) also showed strength. On the New York Stock Exchange, the stock prices of Coinbase, the largest cryptocurrency exchange in the U.S., and MicroStrategy, known for holding the most Bitcoin among listed companies, rose 6% and 11% respectively during the session. MicroStrategy announced that it continued its nine-week buying streak by purchasing an additional $101 million worth of Bitcoin last week.
Bloomberg reported that Bitcoin’s weekly gain for the week ending on the 5th was 5.66%, the highest since November 24th last year. Bloomberg analyzed that Bitcoin’s price, which had stalled due to profit-taking by investors at the end of last month, is rising again ahead of Trump’s inauguration on the 20th.
On the 5th, $908 million flowed into the U.S. Bitcoin spot ETF, the fifth-largest since the ETF’s launch in January last year. On the other hand, a record outflow of $680 million occurred on the 19th of last month. The ‘Coinbase Premium’, which indicates the price difference of Bitcoin between Coinbase and global exchange Binance, also rebounded. This means a large influx of U.S. investors.
Kushbu Kullar, an analyst at Lightning Ventures, predicted, “With regulatory reforms from Trump’s second administration, a super cycle is expected in the Bitcoin market this year.” Some experts, including Tom Lee, co-founder of Fundstrat, predict that Bitcoin’s price could reach up to $250,000.
Marco Jurina, CEO of the cryptocurrency exchange Jumper Exchange, said, “We are currently in a bull market, and investors are showing interest in risky assets as we enter the new year.” He added, “The market’s rise is not surprising as it is the day Trump’s election results are officially certified, and January is traditionally a bullish month.”
However, Bloomberg pointed out, “This year’s Bitcoin outlook depends on how much the Trump administration fulfills its cryptocurrency promises, such as strategic asset reserves,” and noted that “there is also skepticism about whether the Bitcoin rally will continue.” Trump has declared that he will reserve Bitcoin as a national strategic asset. According to a Bloomberg survey, 39% of respondents cited Bitcoin as the investment asset most likely to incur losses by 2025.
Im Da-yeon, Reporter allopen@hankyung.com
