Bitcoin Price Tops $100,000 as Trump's Victory Is Certified

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.

Major cryptocurrency Bitcoin once again soared past the $100,000 mark on the 6th (local time) as Donald Trump's presidential victory was officially certified by Congress.

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.

Major cryptocurrencies also showed strength with Ethereum trading at $3,701.27, up 2% from the previous day. Other cryptocurrencies that showed gains include Ripple (2.7%), Solana (3.7%), and Dogecoin (1.5%).

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.

According to Bloomberg, Bitcoin's weekly gain for the week ending on the 5th was 5.66%, the highest since November 24th of last year.

Due to profit-taking by investors at the end of last month, Bitcoin's price stalled; however, it is once again rising ahead of Trump's inauguration on the 20th, a development that is being closely watched by cryptocurrency enthusiasts.

On the 5th, $908 million flowed into the U.S. Bitcoin spot ETF, which marks the fifth-largest inflow since the ETF's launch in January of last year. In contrast, 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, indicating a large influx of U.S. investors.

"With regulatory reforms from Trump's second administration, a super cycle is expected in the Bitcoin market this year," predicted Kushbu Kullar, an analyst at Lightning Ventures. Some experts, including Tom Lee, co-founder of Fundstrat, predict that Bitcoin's price could reach up to $250,000.

"We are currently in a bull market and as we enter the new year, investors are showing interest in risky assets," said Marco Jurina, CEO of the cryptocurrency exchange Jumper Exchange. 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."

"This year's Bitcoin outlook depends on how much the Trump administration fulfills its cryptocurrency promises, such as strategic asset reserves," pointed out Bloomberg, 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.