Bitcoin Hits New Record Above $106,000 Amid Trump’s Crypto Reserve Announcement: Cryptocurrency Bitcoin rose to a record high of $106,000 in the early Asian trading session on December 16, a significant achievement for crypto, at 6 to 10 a.m. Singapore Standard Time went up to $106,449.88, then to $106,533 before declining slightly below $105,000. By the end of morning trade, Bitcoin was hovering at $104,866.90, which was 3.11% above the previous day’s price.
Market capitalization is also up 3.12%, now at $2.07 trillion, a 0.29% rise in the cryptocurrencies’ global market dominance to 56%. This boost was mainly due to statements by US President-Elect Donald Trump, whose administration is expected to start construction of a Bitcoin strategy similar to the state-owned oil reserves. Speaking to CNBC, Trump called for the US to take a strategic position regarding cryptocurrency, especially given that other countries, such as China, have warmed up to the technology.
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When asked for an indication of a crypto reserve, he nodded, saying, ‘Yeah, I think so.’ Since Trump’s 2024 US presidential election on November 5, Bitcoin has appreciated by well over 50%. The global cryptocurrency market has also grown; this market, by value, has reached almost $3.8 trillion in 2024, an increase from the previous value. One of Bitcoin’s achievements is that it recently created a seven-week run of green candles, which is the longest time it has been on a winning streak on the weekly chart since June 2021.
Ether, the second most popular digital currency, went up by nearly 3% to $4,014. Since Trump’s victory, 121.2 billion dollars have been invested in Bitcoin ETFs, while Ether ETFs attracted 2.8 billion dollars in the same period under the Trump administration. These milestones point to increasing optimism in the cryptocurrency market, at least in part due to political affirmations from the top US leaders.
