As risk appetite in financial markets heats up again, Bitcoin is once again approaching the $100,000 mark. Bitcoin has been under downward pressure in recent weeks as Donald Trump's tariff policies triggered a plunge in stock and digital asset markets. On January 20, the day Trump took office as President of the United States for the second time, the price of Bitcoin hit a record high of approximately US$109,000, and then fell by 30%.
Bitcoin rose 3.1% to $97,483, its highest level since February 21. Bitcoin last reached $100,000 on February 7. Many smaller coins posted even bigger gains on Thursday, with Dogecoin up 4.8% and Ethereum up 3.3%.
This round of Bitcoin’s rise is accompanied by a rise in the spot market, while demand for derivatives usually used for leverage is sluggish, showing that Bitcoin prices have shifted from being dominated by macroeconomic factors such as inflation and tariffs to being dominated by momentum trading.
Data shows that exchange-traded funds (ETFs) tracking Bitcoin and Ethereum saw inflows of more than $3.2 billion last week.