Bitcoin surges, hitting a record high of over $97,000.

• For the first time on Wednesday evening, Bitcoin surpassed the $97,000 mark as investors continued to factor in the possibility of a second presidency by Donald Trump.
• Expectations of a crypto boom under Trump have led to Bitcoin setting new records this month.
• Bitcoin has gained more than 127% in 2024.

For the first time on Wednesday evening, the stock price surpassed $95,000 as investors anticipated a second term for President Donald Trump.

According to Coin Metrics, the price of the flagship cryptocurrency was last higher by more than 3% at $97,646.68, and it had previously reached a high of $97,788.00.

Bitcoin proxy and mining stocks both experienced gains in extended trading, with the former rising by 3% and the latter increasing by 4%.

This month, Bitcoin has consistently set new highs, fueled by anticipation that Trump's administration will bring about a new era of crypto, characterized by favorable regulation and the possibility of a national bitcoin reserve or stockpile.

It is predicted that the company will achieve $100,000 in revenue this year and double that amount by 2025.

According to Sam Callahan, an analyst at Swan Bitcoin, Bitcoin's price is influenced by several factors, including enhanced liquidity, greater institutional adoption, and a favorable regulatory climate that has shifted from opposition to support.

The use of another Trump term may result in larger budget deficits, increased inflation, and changes to the international standing of the dollar, all of which could positively affect the value of bitcoin.

Bitcoin has gained more than 127% in 2024.