Bitcoin exchange rate for the first time exceeded the mark of $97 thousand, once again updating the maximum and at the moment approaching $98 thousand. Prices on the largest US crypto exchange Coinbase outpaced the growth of pairs with the stablecoin USDT on the largest exchanges of the crypto market – Binance and Bybit, which probably indicates the dominance of demand for cryptocurrency from North American traders.
As of 9:00 a.m., bitcoin is trading at $97,083 with a capitalisation of about $2 trillion and holds 61.6% in the capitalisation of the entire crypto market. At its peak, the rate was as high as $97,931 on Coinbase and $97,852 on Binance when paired with USDT.
Bitcoin has been growing almost relentlessly since Donald Trump won the US presidential election. North America accounts for more than 22% of global crypto market activity – accounting for more than $1.3 trillion in value. A significant portion of this activity is in the US, where bitcoin-based exchange-traded funds (ETFs) emerged in early 2024, enabling the cryptocurrency to be legally traded as shares. This triggered an influx of capital into the market and has been one of the catalysts behind the rise in the bitcoin price this year.
Donald Trump is surrounding himself with more crypto-industry-loyal candidates for key positions in the administration after winning the election, and his advisers are consulting with crypto businesses about possible changes in public policy. Under Trump, US authorities are expected to take a softer stance on cryptocurrencies.
Trump recently had a phone conversation with Coinbase exchange head Brian Armstrong. According to Fortune’s source, they also discussed candidates for key positions and, in particular, for the position of chairman of the US Securities and Exchange Commission (SEC). This is the main US exchange regulator, which under current chairman Gary Gensler has repeatedly sued and fined millions of dollars to representatives of the US crypto business, among them the biggest players. Over the summer, Trump promised to replace Gensler in case of victory.
A positive news agenda has formed around bitcoin and the crypto market in general. The possibility of creating government reserves in bitcoin is being discussed at the highest levels, the world’s largest asset management company BlackRock is highlighting bitcoin over traditional assets, and major companies continue to purchase billions of dollars worth of bitcoins. At the same time, there has been record trading in exchange traded bitcoin funds for the ETF market.
Bitcoin has already more than doubled in value since the beginning of 2024. Many of the largest cryptocurrencies still have negative returns since the beginning of the year, despite the overall growth in crypto market capitalisation.
