The price of Bitcoin has broken its all-time high in just one day.
According to CoinMarketCap, a global cryptocurrency market tracking site, as of 7:30 a.m. on the 17th, Bitcoin is trading at $106,021 each. This reflects an increase of 2.74% from the previous day and 9.86% compared to a week ago.
The price of Bitcoin surged after breaking $104,000 just before 10 a.m. the previous day, reaching $106,400 in less than an hour, consecutively setting new record highs. It then climbed to around $107,756 at about 3:30 a.m. that day, breaking another record.
The rise in Bitcoin is believed to be due to remarks by Donald Trump, the U.S. president-elect, regarding a 'strategic reserve fund.' In an interview with CNBC on the 12th, Trump responded 'It seems so' to the question of whether he plans to establish a cryptocurrency reserve similar to oil reserves. He stated, 'Given that countries like China are adopting cryptocurrencies, we will accomplish great things through cryptocurrencies.'
Previously, Trump nominated David Sacks, a former PayPal executive, as the chief responsible for artificial intelligence and cryptocurrency at the White House, and selected Paul Atkins as the Chairperson of the Securities and Exchange Commission (SEC). Sacks is known to have a vague relationship with Elon Musk, while Atkins is recognized as a pro-cryptocurrency figure.
Additionally, expectations for a rate cut ahead of the Federal Open Market Committee (FOMC) meeting, the last one of the year for the Federal Reserve, are also stimulating Bitcoin purchases. CNBC reported, 'Investors expect the Federal Reserve to lower rates this week during the two-day FOMC meeting that ends on the 18th.'