Bitcoin surged to an all-time high on Friday, driven by strong demand from institutional investors and the crypto-friendly policies emerging from US President Donald Trump’s administration.
The world’s largest cryptocurrency peaked at $116,781.10 during the Asian trading session on Friday, bringing its year-to-date gains to over 24%. It was last trading 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,” stated Joshua Chu, co-chair of the Hong Kong Web3 Association.
In March, President Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several individuals with pro-crypto stances, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump’s family businesses have also ventured into the cryptocurrency space. An SEC filing on Tuesday revealed that Trump Media & Technology Group is exploring the launch of an exchange-traded fund to invest in various crypto tokens, including Bitcoin.
Ether, the world’s second-largest cryptocurrency, similarly jumped by nearly 5% to $2,956.82, after previously hitting a five-month high of $2,998.41.
