Bitcoin Hits Record High Amid Institutional Demand
Bitcoin soared to a record high on Friday, driven by strong institutional demand and crypto-friendly policies under the US administration of President Donald Trump.
The world’s largest cryptocurrency rose to a peak of $116,781.10 during the Asian session, marking a gain of over 24% so far this year. At last check, Bitcoin was trading at $116,563.11, continuing its upward momentum in the crypto market.
Institutional Accumulation Drives Bitcoin Surge
Joshua Chu, co-chair of the Hong Kong Web3 Association, noted that institutional players are actively accumulating Bitcoin. “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,” he said.
This consistent demand from large investors has reduced the available supply of Bitcoin on exchanges, adding to the upward pressure on its price. Market participants view this trend as a sign of growing confidence in Bitcoin’s role as a digital asset for long-term investment.
Trump Administration’s Crypto-Friendly Policies Boost Market
In March, President Trump signed an executive order to create a strategic cryptocurrency reserve, further signalling policy support for the sector. His administration has appointed several crypto-friendly officials, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump’s family businesses have also shown interest in the cryptocurrency space. Trump Media & Technology Group recently filed with the SEC to launch an exchange-traded fund aimed at investing in multiple crypto tokens, including Bitcoin.
These developments have reinforced optimism within the crypto community, encouraging further institutional participation in the market.
Ether Climbs to a Five-Month High
Ether, the world’s second-largest cryptocurrency, also experienced gains, rising nearly 5% to $2,956.82. Earlier in the session, it reached a five-month high of $2,998.41, reflecting a broader positive sentiment across the cryptocurrency market.
The surge in Bitcoin and Ether highlights the continued investor appetite for digital assets as they gain traction within mainstream financial markets. Market analysts expect that institutional interest, combined with supportive regulatory signals, will continue to drive growth in the crypto sector in the coming months.
with inputs from Reuters
