NEW YORK: Bitcoin rallied to an all-time high yesterday, powered by demand from institutional investors and crypto-friendly policies from US President Donald Trump’s administration.
The world’s largest cryptocurrency rose to a peak of US$116,781.10 (RM495,883) in the Asian session yesterday, taking its gains for the year so far to more than 24%. It was last trading at US$116,563.11.
“Bitcoin’s new all-time high is being driven by relentless institutional accumulation – major players are scooping up supply and drying up liquidity on exchanges,“ said Joshua Chu, co-chair of the Hong Kong Web3 Association.
In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump’s family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, an SEC filing on Tuesday showed.
Ether, the world’s second-largest cryptocurrency, similarly jumped nearly 5% to US$2,956.82, after earlier hitting a five-month high of US$2,998.41. – Reuters