Bitcoin reached a milestone on Thursday, December 5, trading at over US$103,000 after Donald Trump’s election victory ignited a rally in the cryptocurrency market.

The overall market has added USD1.3 trillion in value since November 5. Since then, Trump has selected Paul Atkins as Securities & Exchange Commission chair, replacing Gary Gensler and signalling a turning point for digital assets.

Proponents view Bitcoin’s six-figure valuation as a validation of its status as a store of value, while critics remain wary of its speculative nature.

Following Trump’s win, US Bitcoin ETFs have seen US$8 billion in inflows, with global trading volumes hitting record highs. Trump has pledged to foster a crypto-friendly regulatory environment, though some ambitions, like a national Bitcoin reserve, remain uncertain.

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