The leading cryptocurrency, Bitcoin, has surpassed $106,000, reaching an all-time high in ten days. Analysts suggest that expectations for President-elect Donald Trump’s pro-cryptocurrency policy and the Santa Rally are being reflected in the price.
On the 16th, according to the global cryptocurrency exchange CoinMarketCap, the price of Bitcoin reached $106,450 (approximately 152.94 million won) around 9:40 AM. This is another record high achieved ten days after reaching $103,525 on the 6th. However, after hitting the peak, selling pressures caused the Bitcoin price to retreat to around $104,000. On the domestic cryptocurrency exchange Upbit, Bitcoin was traded at a high of 152.81 million won.
Analysts attribute the rise in Bitcoin’s price to expectations for Trump’s pro-cryptocurrency policies. Bloomberg reported that “Trump is setting a tone to dismantle the cryptocurrency regulations from the Biden administration and create a favorable regulatory environment.” Bloomberg also noted, “Bitcoin has been rising for seven consecutive weeks until last week, marking the longest upward trend since 2021. Following the U.S. presidential election, the net inflow into Bitcoin exchange-traded funds (ETFs) amounted to $12.2 billion.”
In the cryptocurrency industry, there is also analysis suggesting that the anticipation of the Santa Rally ahead of Christmas has contributed to the rise in Bitcoin’s price. The cryptocurrency-focused media outlet DLNews reported, “In 8 out of the past 10 years, cryptocurrencies have seen upward trends around Christmas.”