Bitcoin hits US$100,000 for first time

Bitcoin has broken past another massive milestone riding on the back of hopes from US president-elect Donald Trump’s win.

Bitcoin broke past the US$100,000 for the first time Thursday on hopes US president-elect Donald Trump will push through measures to deregulate cryptocurrencies when he takes office next month.

The cryptocurrency hit $100,010 (A$155,000) in early Asian trade, having enjoyed a blistering rally since the November 5 election of Trump, who pledged on the campaign trail to make the US the crypto capital of the world.

Bitcoin broke past the US$100,000 for the first time Thursday on hopes US president-elect Donald Trump will push through measures to deregulate cryptocurrencies when he takes office next month. (Photo by Ozan KOSE / AFP)

Australian crypto trading platforms have recorded a surge in transactions this week. Jason Titman, CEO of Swyftx, says ;ocal crypto-asset trading in the month following the US election is just shy of 400 per cent higher than it was in the month prior.

The platform has also seen a surge in Aussie millennials and Gen Zs registering to trade crypto in the aftermath of Mr Trump’s election win.

“The sky is the limit for Bitcoin now,” Titman said in a statement provided to news.com.au.

“We started the year with the world’s biggest investment funds entering the crypto market. We’ve ended it on the verge of sensible regulation in the US. You could not have sat down and scripted a better scenario.

“Hitting $100K has created a carnival atmosphere and it’s all spilling over into other major cryptocurrencies like XRP and Ethereum. The crypto summer is back and it’s back with a bang.

“The potential for blockchain technology is basically limitless and there’ll be a lot of Aussie bitcoin investors right now telling their mates, ‘I told you so’.”

Caroline Bowler, CEO of Australia’s local crypto trading exchange BTC Markets, said the surge suggests a renewed confidence in the polarising digital asset.

“Bitcoin’s rally toward the $100k milestone today highlights a possible shift in market dynamics, with capital rotating from assets like XRP and TRX — both seeing double-digit declines — back into Bitcoin,” she said in a statement provided to news.com.au

“The 3 per cent rise in Bitcoin and the overall market cap reflects renewed confidence, potentially driven by profit-taking and fresh investment.

Ms Bowler said the evolving regulatory landscape has helped propel Bitcoin past another milestone.

“Adding to this momentum is the broader regulatory landscape. Recent developments, such as ASIC’s ongoing consultation on digital asset regulations, signal significant change. Industry stakeholders are evaluating ASIC’s proposals, particularly regarding stablecoins, wrapped tokens, and DeFi tools, which could impact Australians’ access to certain crypto products,” she continued.

“A well-structured regulatory framework is essential to ensure local platforms remain competitive while safeguarding innovation and investors.

“At the same time, optimism around the appointment of Paul Atkins as SEC Chair in the United States fuels positive sentiment. Atkins’s market-friendly stance and emphasis on fostering innovation have raised expectations for clearer, more crypto-aligned policies.

“Together, these domestic and international factors create a supportive backdrop for Bitcoin’s historic rise.”

Trump win sparked Bitcoin frenzy

The Republican candidate made a stunning political comeback as he defeated Vice President Kamala Harris to return to the White House, four years after losing it to Joe Biden.

The digital currency sprung $6,000 higher to a record $75,371.67, topping its previous peak of nearly $74,000 in March.

Bitcoin has broken another milestone.

Mr Trump was previously a crypto sceptic but changed his mind and took a favourable view of cryptocurrencies ahead of the election.

During his campaign he pledged to make the United States the “bitcoin and cryptocurrency capital of the world” and to put tech billionaire Elon Musk in charge of a wide-ranging audit of governmental waste.In recent years Mr Musk has spruiked cryptocurrencies — in particular dogecoin which rose by a mammoth 15.40 per cent as of 8.30am AEDT.

As part of his campaign, Mr Trump also vowed to create a national “strategic reserve” of bitcoin and he accepted cryptocurrency donations and actively engaged with the crypto community at a Bitcoin conference in July.

He launched a new venture, World Liberty Financial (WLF), alongside family members, focused on cryptocurrency trading.

Last month WLF published a 13-page document that described its mission and how tokens can be allocated — it showed Mr Trump and his family could take home 75 per cent of net revenue.

More to come.