Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and crypto-friendly policies from US President Donald Trump’s administration.
The world’s largest cryptocurrency rose to a peak of $116,781.10 in the Asian session on Friday, taking its gains for the year so far to more than 24 per cent. It was last trading at $116,563.11.
“Bitcoin’s new all-time high is being driven by relentless institutional accumulation – major players are scooping up supply and drying up liquidity on exchanges,” said Joshua Chu, co-chair of the Hong Kong Web3 Association.
In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump’s family businesses have also made forays into cryptocurrencies. Trump Media Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, an SEC filing on Tuesday showed.
Ether, the world’s second-largest cryptocurrency, similarly jumped nearly 5 per cent to $2,956.82, after earlier hitting a five-month high of $2,998.41.