Crypto traders have been on a wild ride over the last two days.
On Thursday, the price of Bitcoin initially hit a record high of more than $103,000. As the day wore on, the price began to cool off. Between 10:23 am UTC and 10:28 am UTC, the price plunged from $98,338 to $92,957, triggering the liquidation of more than $303.5m in long positions within the hour, according to a Cointelegraph analysis of CoinGlass data.
“It took Bitcoin 3 minutes to drop ~10% which equals to ~200B drop 180 seconds,” pseudonymous trader Smiley Capital wrote on X during the spell of volatility. “200 Billion dollars lower. 5th December truly goes down in history.”
The price began climbing again later in the day, and as of Friday morning, the price of Bitcoin had once again crossed the $101,000 threshold.
As The Independent has reported, observers see the historic price milestones for Bitcoin as a reflection of the crypto community’s enthusiasm for the incoming Trump administration.
Donald Trump has promised to make the U.S. the “Bitcoin superpower of the world,” establish a strategic crypto reserve, and reorient regulation to be more friendly to the industry.
“Under the Trump administration, crypto regulation is anticipated to be overhauled, including a more favourable stance from the SEC, which tightened its oversight during Joe Biden’s term,” Maria Carola, chief executive of the cryptocurrency exchange StealthEX, told The Independent.
“His support measures – such as replacing SEC head Gary Gensler, establishing a bitcoin reserve, and aiming to make the US a ‘crypto superpower’ – could fuel market growth. Currently, the market reflects a strong bull trend.”
The buoyant market trend has some analysts predicting an ever higher max Bitcoin price in the near future.
"We remain convinced $100,000 is not the final milestone," Bernstein analyst Gautam Chhugani wrote in a note on Thursday, according to Yahoo! Finance. "We expect Bitcoin to hit a cycle-high of $200,000 in late 2025.”
