Bitcoin's price movement today has been significantly influenced by a combination of factors, including a notable endorsement from Eric Trump and a bullish sentiment among ultra-wealthy investors. Eric Trump, son of U.S. President Donald Trump, encouraged investment in Bitcoin via a post on X, which led to a surge in Bitcoin prices during Asian trading hours. This endorsement appears to have bolstered investor confidence, pushing Bitcoin above the $98,000 mark. Additionally, Tiger21 founder Michael Sonnenfeldt highlighted the growing interest in Bitcoin among the ultra-rich, describing it as a "gold substitute" and a storehouse of value, further supporting the upward momentum.
The broader market sentiment has also been shaped by President Trump's economic policies, particularly his aim to lower the 10-year yield, which is seen as bullish for risk assets like Bitcoin. This policy could encourage borrowing and investment, thereby increasing risk-taking in financial markets. However, some uncertainty remains due to slowed inflows into Bitcoin ETFs, following remarks from Trump's crypto policy advisor about a potential national strategic Bitcoin reserve. This has led to cautious sentiment among some investors, although the overall market remains optimistic.
Bitcoin's price has increased by 1.77% today, reaching a current price of $98,259.49, with a high of $98,406.38 and a low of $96,547.32.