Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.
Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump’s sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.
It last traded at $100,027 as of 0240 GMT, up 2.2% on the previous session, after earlier rising as high as $100,277.
“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” said Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital.
“This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”
More than 16 years after its creation, bitcoin appears on the cusp of mainstream acceptance, despite naysayers and a history of controversies.
“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics,” said Justin D’Anethan, a Hong Kong-based independent crypto analyst.
“The figure not that long ago dismissed as fantasy, stands as a reality.”
Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, who said last week he wouldstep downin January when Trump takes office.
On Wednesday, Trump said he would nominate Paul Atkins to run the Securities and Exchange Commission. Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to “develop best practices for digital asset issuances and trading platforms,” and the Chamber of Digital Commerce.
A slew of crypto companies including Ripple, Kraken and Circle arejostlingfor a seat on Trump’s promised crypto advisory council, seeking a say in his planned overhaul of US policy, according to several digital asset industry executives.
Trump’s businesses may also have a stake in the sector.
He unveiled a new crypto business, World Liberty Financial, in September.
Although details about the business have been scarce, investors have taken his personal interest in the sector as a bullish signal.
Trump’s social media company is inadvanced talksto buy crypto trading firm Bakkt, the Financial Times reported last week, citing two people with knowledge of the talks.
Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, according to the FT report.
Billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.
Bitcoin’s rebound from a slide below $16,000 in late 2022 has been rapid, boosted by the approval of US-listed bitcoin exchange-traded funds in January this year.
The Securities and Exchange Commission had long attempted to block ETFs from investing in bitcoin, citing investor protection concerns, but the products have allowed more investors, including institutional investors, to gain exposure to bitcoin.
More than $4 billion has streamed into US-listed bitcoin exchange-traded funds since the election.
“We were trading basically sideways for about seven months, then immediately after November 5, US investors resumed buying hand-over-fist,” said Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund.
There was a strong debut for options on BlackRock’s ETF,in November with call options – bets on the price going up – substantially more popular than puts. McCann calculated the put to call ratio at about 22 to one.
Crypto-related stocks have soared along with the bitcoin price, with shares in bitcoin miner MARA Holdings,up around 65% in November.
Yet the rise is not without critics.
Two years ago, the industry was wracked by scandal with the collapse of the FTX crypto exchange and the jailing of its founder Sam Bankman-Fried.
The cryptocurrency industry also has been criticized for its massive energy usage, while crypto crime remains a concern, too.
Market participants are keeping a close eye on what happens now that bitcoin has broken above $100,000, with investors and speculators possibly looking to pocket some of their recent gains.
“But once we flush out those sell orders, this could go higher still, and very rapidly,” said Steven McClurg, founder of Canary Capital, a digital assets investment firm.
He said he expects bitcoin’s price to hit $120,000 by Christmas.
A parade marking the US Army’s 250th anniversary – and President Trump’s 79th birthday – is under way.
You can watch the event in the livestream above.
President Trump said it was going to be a “big day” and admitted: “We want to show off a little bit.”
Today is the first time in more than 30 years that tanks have rolled through the US capital.
Officials have estimated around 200,000 people could turn out, including protesters, plus 6,600 soldiers, 150 vehicles and 50 aircraft.
However, it appears far fewer have turned out – possibly due to the poor weather – and the president has warned any protesters who interfere “will be met with very big force”.
Image: Pic: AP
Image: Pic: AP
Image: Pic: AP
Image: Pic: Reuters
Mr Trump is watching alongside the first lady and defence secretary as troops and military hardware file past – accompanied at times by up tempo rock music.
The event started half an hour early due to forecasted heavy rain, with cloud forcing the cancellation of a flypast by fighter jets.
Helicopters such as Apaches, Chinooks and Black Hawks are still taking part however.
Image: Pic: Reuters
Image: Pic: Reuters
Image: Pic: Reuters
Military parachutists from the Golden Knights began the parade by swooping in, and some of the soldiers are parading in historic uniforms, complete with horses and wagons.
Vehicles from the Second World War era are also taking part.
President Trump stood and saluted many of the passing soldiers. He is said to have got the idea for the parade after being impressed with France’s Bastille Day celebrations during a visit in 2017.
Metal plates have been put down on some of Washington’s streets to protect the tarmac against the heaviest tanks – the 60-ton M1 Abrams.
Even so, the US Army has set aside several million dollars in case of any damage.
The last time such a major display took place in the US was 1991 when tanks and troops paraded to celebrate the ousting of Saddam Hussein’s army from Kuwait.
Image: Pic: Reuters
Image: Pic: Reuters
Image: Pic: Reuters
The event has been criticised by some for being something more associated with a dictatorial regime such as Russia or North Korea.
An estimated cost as high as $45m (£33.33m) has also raised eyebrows given the administration’s efforts to slash the budget of many federal departments.
Among the critics is California governor Gavin Newsom, who has been trading barbs with Mr Trump since the outbreak of riots in LA.
“And we all know, this Saturday, he’s ordering our American heroes – the United States military – forcing them to put on a vulgar display to celebrate his birthday, just as other failed dictators have done in the past,” he said.
Image: Pic: AP
Image: Pic: Reuters
Image: Pic: Reuters
The show of military might also comes as more than 1,500 protests against the Trump administration, organised under the slogan ‘No Kings’, have been planned across the US on Saturday.
Los Angeles is the scene of one demonstration, with police firing tear gas to disperse people and US Marines stationed outside the city’s federal building.
Unless Bitcoin upgrades its core cryptography in the next five years, the trust it has built over 16 years could be wiped out by a single quantum attack. Urgent upgrades are needed to protect the world’s leading cryptocurrency.
The son of an Air India plane crash victim, who was sitting one row behind the man who survived, has told Sky News he will relive “her last moments” until the day he dies.
Manju Mahesh Patel, 79, was on the London Gatwick-bound plane when it crashed in Ahmedabad shortly after take-off on Thursday.
In an interview with Sky News, Chirag Mahesh Patel, Manju’s son, said he hopes his mother’s death was “instant” and “painless”.
“To the day I die I will think, ‘what were her last moments?’,” he said.
Pointing to a framed family photograph of Ms Patel at the family home, he added: “I want to remember mum like this.
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“I don’t want to have to go and identify a burnt corpse, your own parent. How does someone, how do you ever get over that? That will be with me, that’s with me for life.”
Ms Patel had been staying in Ahmedabad for the past few months doing charity work at a temple. She was due to be picked up by her son at Gatwick on Thursday night.
Image: A family photo of Chirag Mahesh Patel with his mother
In tears, Mr Patel described his mother as “very strong” and a woman “who really loved her family”.
“The thing about my mum,” he said, “is her bond with her faith. It’s unbreakable.
“She had ultimate faith… and in times of stress she would always say God’s name… So, I know that upon take-off, I know that she was saying his name.”
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1:57
What could have caused the India plane crash?
Mr Patel said that when he realised his mother was on the flight it was just “a normal day” and “it didn’t seem real”.
He said the last time he had spoken to her he had reminded her to take her diabetes medicine and had then missed a call from her at 4am to say she had arrived at the airport.
He described “the most heartbreaking thing” was how much Ms Patel was looking forward to seeing her grandchildren, saying “it was everything to her”.
She had told him she packed her suitcase with lollipops for her six-year-old grandson, and special crisps for her 15-year-old older grandchild.
Image: Ms Patel with her six-year-old grandson
“It’s unimaginable even in my worst nightmare,” he said. “And the thing that kills me… is she was so looking forward to seeing us… she kept saying I bought this for you, I bought that, I bought the things for the kids.”
Mr Patel and his wife are due to fly to India on Saturday night to provide a DNA sample to help identify his mother’s remains.
He expressed his anger at what he called a “disgusting” and “appalling” lack of communication from Air India – which he said passed his details to a hospital but never contacted him personally.
He described feeling “neglected” by the airline, which he said would only offer him an Air India flight – and no help organising accommodation.
Mr Patel said he refused to get on the Gatwick flight back to Ahmedabad and has booked with another provider to travel to India instead.
Image: Ms Patel with her elder grandchild
“I said [to the airline] all of this happened on Thursday, you’re telling me on Friday afternoon, do you want that flight this evening? That one crashed? The one coming back where 172 goes out? They asked do you want Air India 172? I said how can you ask me that. My mum just died on Air India.”
Mr Patel said he wanted “answers” and transparency in any air accident investigation.
Air India said in a statement: “Air India stands in solidarity with the families of the passengers who tragically lost their lives in the recent accident. Our teams on the ground are doing everything possible to extend care and support during this incredibly difficult time.
“As part of our continued efforts, Air India will be providing an interim payment of ₹25 lakh or approximately £21,000 each to the families of the deceased and to the survivor, to help address immediate financial needs. This is in addition to the ₹1 crore or approximately £85,000 support already announced by Tata Sons.
“All of us at Air India are deeply saddened by this loss. We mourn with the families, loved ones, and everyone affected.”
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3:24
Families in India wait for bodies of relatives
The company’s chief executive and managing director Campbell Wilson said in a video message posted on social media that over 200 “trained caregivers” were now in place to offer dedicated assistance to families, along with counselling and other services.
He said Air India was in the process of completing precautionary safety checks on Boeing 787 aircraft as directed by regulator the Directorate General of Civil Aviation (DGCA), which would “be completed within the timelines prescribed by the regulator”.
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Mr Wilson said he had also visited the crash site and said other members of the management team would remain present “for as long as it takes”.
The aircraft’s data recorder, often referred to as a black box, has been recovered and will form part of the investigation into the worst aviation crash in a decade.
‘He was too young’: Families grieve those lost in Air India crash
It was an emotional service at Derby’s Geeta Bhawan Hindu temple, as dozens of friends, colleagues and neighbours gathered to remember Dr Prateek Joshi, his wife Komi, their daughter Miraya, and twin sons Nakul and Pradyut.
Some wiped tears from their eyes, as a colleague was asked spontaneously to pay tribute to Dr Joshi, who had been bringing his family to live in the city, when the Air India flight they were on crashed seconds after take-off.
“He was too young, too much still to give, too much still to be done, too much to offer,” his friend told worshippers.
“He was taken from us in a very cruel and abrupt way, and his family as well, and we all think about his family back in India who is missing a son, missing a daughter-in-law and missing all their grandchildren who they’ll never see growing up.”
Derby South MP Catherine Atkinson said Dr Joshi, who was a radiologist at the Royal Derby hospital, had been “contributing to our NHS and the health of so many in our city and beyond”.
She said his wife was a pathologist who had resigned from her job in India.
“I won’t forget the photograph of them on the plane, full of optimism about their new adventure,” she said, as her voice broke.
“The losses make us all hug our families and loved ones a little closer and remind us how precious our time together is.”
Dr Joshi was described as a “warm, smiling man, full of joy” who enjoyed walking in the Peak District and who had discovered “a love of fish and chips”.
His neighbour and colleague Manoj Ramtohal told Sky News Dr Joshi always had time for people.
“He was very caring and very polite, very friendly, you couldn’t meet a better man than Prateek,” he said.