The price of bitcoin is approaching its historic high of $0.1 million, as the market optimistically believes that President-elect Trump's support for cryptos signals a prosperous crypto market, with the usa shifting towards a friendly regulatory approach rather than the previous harsh crackdown.

On Thursday, as the largest digital asset, $Bitcoin (BTC.CC)$ rose by 3.6% at one point, coming close to $98,000. Since Trump won the election on November 5, the entire crypto market has increased in value by about $900 billion.

As of the time of this writing, us stock cryptos concept stocks have all surged in pre-market trading. $MicroStrategy (MSTR.US)$ 、$MARA Holdings (MARA.US)$Surge of more than 9%.$CleanSpark (CLSK.US)$rose more than 5%.$Riot Platforms (RIOT.US)$、$Hut 8 (HUT.US)$rose more than 4%,$TeraWulf (WULF.US)$up nearly 4%,$Coinbase (COIN.US)$、$Bit Digital (BTBT.US)$increased by nearly 3%.

Trump's transition team has begun discussions on whether to establish a position in the White House specifically responsible for digital asset policy. This would be the first such position in the usa, with direct ties to the incoming president, and Trump is now one of the biggest 'cheerleaders' in the crypto space.

These discussions come after microstrategy accelerated its bitcoin purchases and the launch of usa bitcoin etf options, providing a recent boost to sentiment in the digital asset market.

Will the $0.1 million mark eventually be broken?

Speculators are increasingly focused on when bitcoin will break through the $100,000 barrier, rather than whether it will. Supporters who believe bitcoin is a modern store of value see a six-figure price as a symbolic rebuttal to skeptics who argue that cryptos have little practicality and condemn their links to money laundering and crime.

Tony Sycamore, an analyst at IG Australia, stated: "Buyers are suppressing sellers. While I'm not sure everything will go smoothly as we approach the $100,000 mark, demand seems to be endless."

$MicroStrategy (MSTR.US)$ The company holds the most bitcoin among listed companies, and announced on Wednesday that it plans to increase sales of convertible senior notes by nearly 50% to $2.6 billion, to fund the purchase of the token. This once obscure software manufacturer now positions itself as a bitcoin asset management company, with around $31 billion in digital assets reserves.

ETF inflows

Data compiled by Bloomberg shows that after Election Day, 12 U.S. ETFs invested in bitcoin attracted $5.8 billion in net inflow, bringing their total assets to an unprecedented $100 billion.

Caroline Mauron, co-founder of crypto derivatives liquidity provider Orbit Markets, stated: "The significant psychological barrier of $100,000 is now within reach." She added that bets in the bitcoin options market indicate "the market expects prices to rise rapidly."

Trump vowed to create a supportive crypto regulatory framework in the usa and establish a strategic bitcoin reserve, although the feasibility of his promised timeline and bitcoin reserve remains uncertain.

Trump was once a skeptic of cryptos but changed his stance after digital asset companies vigorously promoted their benefits during the campaign. He also has digital asset projects himself.

The current optimism has dulled people's memories of the market crash in 2022, which exposed frauds and other risky behaviors in the crypto space and led to the collapse of platforms, including the FTX exchange owned by Sam Bankman-Fried, who is now imprisoned. This turmoil triggered a series of tough enforcement actions from the USA Securities and Exchange Commission (SEC), while the industry expects this crackdown to gradually fade under Trump's administration.

Editor/rice