In a remarkable turn of events, Bitcoin (BTC) has surpassed the $98,000 threshold during the Asian trading hours on Thursday, driven largely by a social media endorsement from Eric Trump, the son of former U.S. President Donald Trump. In a post on X, Eric Trump expressed optimism about Bitcoin investing, stating that it was a “great time to enter BTC.” This endorsement caused a noticeable spike in BTC prices, climbing from $96,900 to $97,830 almost immediately after his announcement.
The surge can be corroborated by data from TradingView, which shows that micro CME futures also breached the $98,000 mark in this wave of excitement. The influence of public figures on cryptocurrency valuations has been continually demonstrated, and this situation exemplifies the close relationship between sentiment and market movement.
This development comes on the heels of comments made earlier in the week by David Sacks, the appointed AI and crypto czar for the Trump administration. Sacks indicated that a strategic Bitcoin reserve is under evaluation, a revelation that, while intriguing, has left some crypto investors feeling disappointed due to the lack of immediate actions on the matter.
As the market continues to react to such endorsements and governmental considerations, it remains crucial for investors to stay informed and vigilant. With Bitcoin’s volatility showing no signs of abating, the coming days may offer further fluctuations based on ongoing developments in the political and financial landscape.
