Bitcoin Hits $102,000 as Trump's Election Win Fuels U.S. Strategic Reserve Plan

Jan 6, 2025, 02:53 PM

Bitcoin has surpassed the $100,000 mark for the first time in 2025, reaching as high as $102,000. This surge coincides with the anticipation surrounding the upcoming certification of Donald Trump's victory in the U.S. presidential election by Congress. The cryptocurrency had been trading below $100,000 for nearly three weeks, with a significant 5.6% drop on December 18. Despite mixed market sentiments following the Federal Reserve's December FOMC meeting and the holiday season, the 'Trump trade' continues to bolster investor confidence in Bitcoin. Analysts from 10x Research suggest that Bitcoin is navigating a tactical trading range rather than experiencing a straightforward bullish trend. The prospect of Trump's plan to implement a U.S. strategic Bitcoin reserve, aligning with the Bitcoin Act of 2024 proposed by Senator Cynthia Lummis, is seen as a potential driver for Bitcoin's price in the first half of the year.