Bitcoin reaches ATH of $106K after Trump’s NYSE comments

Bitcoin hit an all-time high on Monday after institutional interest in the digital currency increased as President-elect Donald Trump approved Bitcoin reserve plans.

Bitcoin (BTC) reached its all-time high of $106,488.25 at 12:40 UTC after rising continuously for 25 minutes. This increase follows former US President Donald Trump’s announcement at the New York Stock Exchange on December 12 to create a US Bitcoin strategic reserve. Trump’s remarks, aimed at ensuring that the United States maintains its advantage over global rivals, increased investors’ excitement and increased the market’s momentum. “We’re going to do something great with crypto… we want to be ahead,” Trump told CNBC.

This momentum has been clearly strengthened by Republican Senator Cynthia Lummis’ BITCOIN Act, which calls for the US to purchase 1 million BTC over the next five years to combat the $35 trillion national debt. This narrative is gaining global momentum as Russian President Vladimir Putin considers creating a Bitcoin strategic reserve after saying BTC cannot be banned.

BREAKING: 🇷🇺 Russian President Putin says "Who can ban #Bitcoin? Nobody." pic.twitter.com/6mJ664BZZ8

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024

In addition, Russian Finance Minister Anton Tkachev also suggested establishing a strategic Bitcoin reserve to solve the problem of sanctions imposed on the country.

FOMO, or fear of missing out, an opportunistic emotion common among investors, has peaked after US Spot Bitcoin ETFs achieved total cumulative net inflows of more than $50 billion per year. MicroStrategy, the leading institutional owner of Bitcoin, purchased 21,550 BTC for $2.1 billion, bringing its total holdings to 423,650 BTC. The company is also listed on the Nasdaq 100 and will be publicly traded starting December 23.

Bitcoin hash rate has reached record levels. The cumulative income of Bitcoin miners has exceeded $72 billion by 2024, driven by increasing transaction fees and continuous price growth; This highlights the network’s profitability and growing economic impact. | Source: crypto.news

On-chain, the Bitcoin network hash rate has risen to record levels on the miner side. According to Glassnode’s hash rate data, hash rates increased from 128 EH/s to over 804 EH/s; 37% of the total computing activity was carried out in 2024 alone. Bitcoin’s strong network security and economic incentives have pushed miners to generate $71.49 billion in cumulative revenue.