Bitcoin hits a record above $107,000 as fresh bullishness propels the crypto higher
Bitcoin crossed the $107,000 threshold for the first time on Monday, adding to the coin’s string of all-time highs in recent weeks as investors grow increasingly bullish on the prospects for crypto in 2025.
The world’s largest cryptocurrency climbed as high as $107,100 before paring some gains and dipping back below the threshold shortly after midday. The coin is up 141% since the start of the year.
Bitcoin has embarked on a stellar rally since Donald Trump won a second term as president in November, with most traders feeling bullish that the President-elect will boost crypto prices via friendlier regulation and a potential national reserve.
Chatter about a national bitcoin reserve heated up over the weekend after Trump hinted at his plans for a stockpile in an interview with CNBC after he rang the opening bell at the New York Stock Exchange on Thursday.
“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told the outlet on Thursday.
Jack Mallers, a prominent bitcoin bull and the CEO of the bitcoin trading platform Strike, said in an interview with commentator Tim Pool that Trump could create a bitcoin reserve via executive order on his first day in office. This fueled fresh excitement among investors and helped drive the jump to $106,000 over the weekend.
Bitcoin trading volume climbed to $81.29 billion on Monday, an 82% increase in the last 24 hours, according to CoinMarketCap data.
MicroStrategy has also added to the lastest bullish mood. The largest corporate buyer of bitcoin and a bullish proxy for the token will be added to the Nasdaq 100 on December 23, which should put the company on the map for more tech investors. The firm also announced that it added another 15,350 bitcoins to its holdings, with its stash now worth about $44 billion.
Finally, risk-on sentiment across asset classes is being fueled by the upcoming Federal Reserve meeting, which is expected to conclude with a 25-basis-point rate cut.
According to the CME FedWatch tool, investors are pricing in a near-100% chance the Fed will cut rates another quarter-point at the policy meeting this week. On Monday, the Nasdaq Composite rose more than 1% by midday, while bond yields were about flat.
Wall Street has grown increasingly bullish over bitcoin in the last month, with forecasts for its price in 2025 as high as $500,000, driven by hopes for a bitcoin reserve looser regulation of the space.
