The talks are the latest US boost for digital-asset market sentiment, alongside Bitcoin accumulator MicroStrategy Inc.’s plans to accelerate purchases of the token and the debut of options on the nation’s Bitcoin exchange-traded funds.
The largest digital asset rose about 2% in the US on Wednesday and extended the advance early in Asia on Thursday to a record high of US$95,004. The crypto market as a whole consolidated gains of more than US$800 billion since Trump’s election victory on Nov. 5, based on data from CoinGecko.
Speculators are increasingly focused on whether Bitcoin will make a further leap to US$100,000. Advocates of its claimed role as a modern-day store of value cherish the six-figure level as a symbolic rebuttal of sceptics who see little utility in crypto and decry its links to money laundering and criminal activity.
“Buyers are strangling the sellers,” said IG Australia Pty Market Analyst Tony Sycamore. “While I’m not sure it’s all going to be smooth sailing as it edges closer to the US$100,000 mark, the demand appears to be insatiable.”
See also: Bitcoin hits record high of US$120,000 as bullish momentum builds
Sycamore also flagged speculation that “a big seller” has been disposing of tokens in the low US$90,000s, taking advantage of the strong market.
In a recent post on X, billionaire Michael Novogratz, founder of Galaxy Digital LP, highlighted a Bitcoin “sell wall” of more than US$10 billion, while adding that a large amount of the token was also bought in the past six days.
Anyone have an idea who is selling so much US$BTC above 92k. $$ Billions bought last 6 days and seems like a US$10+ billion sell wall.
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MicroStrategy, the largest publicly traded corporate holder of Bitcoin, on Wednesday announced an almost 50% increase in planned sales of convertible senior notes, to US$2.6 billion, to fund purchases of the token.
The once obscure software maker now bills itself as a Bitcoin treasury company and has a roughly US$31 billion stockpile of the digital asset.
Trump has vowed to create a supportive US crypto regulatory framework and set up a strategic Bitcoin stockpile. The timeline for implementation of his promises and the feasibility of the Bitcoin reserve remain uncertain. The president-elect used to be a crypto sceptic but changed tack after digital-asset firms spent heavily during election campaigning to promote their interests.
