News Scrap

Key Takeaways

Bitcoin reached $100,000 for the first time, increasing its market cap to $2 trillion.
The approval of spot Bitcoin ETFs is facilitating regulated institutional investment in digital assets.

It was the moment everyone had been waiting for. On Wednesday December 4, 2024, Bitcoin hit $100,000 for the first time in history, pushing its market cap to $2 trillion.

As of the latest data from TradingView, Bitcoin is trading at approximately $102,000, reflecting a 3% increase over the past 24 hours. The crypto asset has experienced a remarkable 140% year-to-date gain.

Bitcoin achieved the landmark milestone soon after Fed Chairman Jerome Powell called Bitcoin a competitor to gold and president-elect Donald Trump officially nominated pro-crypto Paul Atkins to chair the Securities and Exchange Commission.

Everything happened in one day and all points the US crypto industry to a major shift in regulation and perception under the incoming Trump administration. Experts believe that Trump’s cabinet appointments will bring a more favorable approach to crypto oversight.

Accelerating institutional demand

Accelerating institutional demand is pushing Bitcoin’s growth and adoption. The approval of US spot Bitcoin ETFs in January was a game-changer, providing a regulated pathway for institutions to invest in Bitcoin. As of December 3, these ETFs collectively held over 1 million BTC, nearing Satoshi Nakamoto’s estimated holdings.

Over 87% of institutional investors now plan to invest in digital assets in 2024. Major financial institutions are increasingly launching investment products that offer Bitcoin exposure, a move that reflects this growing appetite.

Moreover, corporations in the US are adopting Bitcoin as a treasury reserve asset. This trend, pioneered by MicroStrategy, is gaining traction, with more companies allocating Bitcoin to their treasury management strategies.