Demand from institutional investors and the administration of US President Donald Trump’s pro-crypto policies drove Bitcoin to its highest point ever on Friday. The biggest cryptocurrency in the world reached a high of $116,781.10 on Friday during the Asian session, increasing its year gains to almost 24%. The most recent price was $116,563.11.
According to Joshua Chu, co-chair of the Hong Kong Web3 Association, “intense institutional accumulation is driving Bitcoin’s new all-time high – major players are snatching up supply and drying out liquidity on exchanges.”
Trump issued an executive order in March to create a cryptocurrency strategic reserve. Additionally, he selected a number of crypto-friendly people, such as White House artificial intelligence czar David Sacks and Securities and Exchange Commission Chair Paul Atkins.
Additionally, Trump’s family companies have ventured into the cryptocurrency space. According to an SEC filing on Tuesday, Trump Media Technology Group plans to introduce an exchange-traded fund to invest in a variety of cryptocurrency tokens, including Bitcoin. The second-largest cryptocurrency in the world, Ether, also surged by over 5% to $2,956.82 after reaching a five-month high of $2,998.41 earlier.
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