Bitcoin surged to a record high on Friday, driven by strong institutional demand and supportive cryptocurrency policies under US President Donald Trump’s administration.
The world’s largest digital asset climbed to an intraday peak of $116,781.10 during the Asian trading session, extending its year-to-date gains to over 24%. It was last quoted 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% to $2,956.82, after earlier hitting a five-month high of $2,998.41.
