Bitcoin surges past $100,000 mark amid Trump policy speculation

Bitcoin (CRYPTO:BTC) has crossed the $100,000 threshold, reaching an intraday high of $100,715 before settling at $99,700 as of the latest updates.

This significant price movement marks a notable psychological milestone for the cryptocurrency, coinciding with gains across the broader crypto market.

XRP (CRYPTO:XRP) and XLM (CRYPTO:XLM) saw increases of 10% and 12%, respectively, while VIRTUAL (CRYPTO:VIRTUAL) emerged as the top performer with a remarkable 30% rise.

The surge in Bitcoin's price appears to be fueled by speculation regarding potential policy changes associated with Donald Trump's upcoming presidential inauguration on January 20, 2025.

Despite the absence of specific policy announcements, discussions among news outlets and social media users suggest that the new administration may focus on blockchain innovation and digital asset regulation, which could create a more conducive environment for cryptocurrencies.

Market analysts indicate that traders are positioning themselves strategically ahead of these anticipated changes.

The recent spike in Bitcoin's value reflects a growing interest in the asset, even amid ongoing economic uncertainties.

Over the past year, there has been a marked increase in accumulation by institutional investors, which many believe has set the stage for this record-breaking price movement.

As Bitcoin approaches the $100,000 mark again, market participants are closely monitoring any forthcoming regulatory announcements or actions that could further support this upward trend in the near future.

Bitcoin's recent performance shows a blend of market dynamics and speculative sentiment surrounding potential shifts in policy under Trump's administration.

"The market's upward momentum appears to be driven... by speculation surrounding potential policy shifts," one analyst noted.  

At the time of reporting, the Bitcoin (BTC) price was $101,587.