Bitcoin updated its historical maximum on Friday thanks to demand from institutional investors and the cryptocurrency-friendly policy of the US President Donald Trump's administration, UNN reports with reference to Reuters.
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On Friday, the world's largest cryptocurrency reached a peak of $116,781.10 in the Asian session, increasing its annual gain by more than 24%. It was last traded at $116,563.11.
"Bitcoin's new all-time high is driven by relentless institutional accumulation — large players are buying up supply and draining liquidity from exchanges," said Joshua Chu, co-chairman of the Hong Kong Web3 Association.
In March, Trump signed an executive order to create a strategic reserve of cryptocurrencies. He also appointed several individuals who are friendly to cryptocurrencies, including US Securities and Exchange Commission Chairman Paul Atkins and White House Artificial Intelligence Chief David Sacks.
Trump's family businesses are also making attempts to invest in cryptocurrencies. Trump Media & Technology Group plans to launch an exchange-traded fund (ETF) for investments in various cryptocurrencies, including Bitcoin, according to documents filed with the SEC on Tuesday.
The price of Ether, the world's second-largest cryptocurrency, also jumped almost 5% to $2956.82 after previously reaching a five-month high of $2998.41.