Bitcoin hits record high

Bitcoin reached a historic high of over $97,000 on Thursday, driven by expectations that US President-elect Donald Trump will introduce pro-cryptocurrency measures.

The digital currency rose to $97,287.51 during Asian trading and is now on track to break the $100,000 milestone.

Traders have flocked to Bitcoin since Trump’s election earlier this month, with the cryptocurrency gaining nearly 40 per cent in value.

Trump has vowed to make the US the "bitcoin and cryptocurrency capital of the world". 

Stephen Innes of SPI Asset Management noted the surge reflects growing confidence in a crypto-friendly US administration. “Speculators are fuelling the frenzy as Bitcoin edges toward an unprecedented valuation,” he said.

The rally underscores Bitcoin’s growing role as a key financial asset amid shifting regulatory expectations.