Entering May, Bitcoin's price has surpassed $96,000 – the highest level since the sharp correction in February, when former President Donald Trump's tough trade policies caused the market to decline. From a low of $75,000 earlier in April and $78,900 in February, Bitcoin has recovered 28% and 21%, respectively.
According to Mr. Ryan Yoon, head of analysis at Tiger Research, this upward trend is not just a temporary phenomenon but the result of a long-term trend. He stated that Bitcoin is transitioning from a speculative asset to an essential component in the investment portfolios of financial institutions.
The driving factors include continuous purchases from companies holding Bitcoin such as Strategy and Metaplanet – a Japanese company that recently announced the opening of a branch in the U.S. Additionally, strong capital flows through ETF funds and the psychological effect surrounding the $100,000 mark are adding momentum to the price increase.