Bitcoin surpassed the $107,000 mark for the first time on Monday, hitting a series of record highs in recent weeks as investors grow increasingly wary of the cryptocurrency’s prospects in 2025.
The world’s largest cryptocurrency reached $107,100 before giving up some gains and falling below the threshold shortly after midnight. The coin has gained 141% since the beginning of the year.
Bitcoin has appreciated strongly since Donald Trump won a second term in November, with most traders believing the president-elect will support the cryptocurrency through the country’s value-added, instrument-friendly rules and resources.
The debate over the country’s bitcoin storage space heated up over the weekend, with Trump hinting at the storage plans in an interview with CNBC after the New York Stock Exchange opened.
“We’re gonna do something great with crypto because we don’t want China, or anybody else but others are embracing it, and we want to be ahead,” Trump told the media last Thursday.
Jack Mallers, a well-known Bitcoin bull and CEO of Bitcoin trading platform Strike, said in an interview with expert Tim Pool that Trump could create a Bitcoin reserve from the administration on his first day in office. This has created new excitement among investors and sent the price to $106,000 over the weekend.
Bitcoin trading volume increased by 82% in the last 24 hours on Monday to $81.29 billion, according to CoinMarketCap data.
Finally, the upcoming Federal reserve meeting, which is expected to result in a 25 basis point rate cut, will increase risk across the asset class.
