Bitcoin Hits $108K Before Pullback Amid Surging Interest in Crypto Investments

Bitcoin set a new all-time high on Tuesday, briefly surpassing $108,000 before retreating to $107,020. While the cryptocurrency saw a modest 0.3% gain over the past 24 hours, its seven-day rally is more impressive, with nearly a 12% increase. The highest price recorded was $108,135.

Market enthusiasm around Bitcoin has surged since the surprising election of President-elect Donald Trump on November 5. Trump’s campaign included vocal support for the digital asset space, even encouraging audiences at a conference to "never sell your Bitcoin." Investors are now speculating on the possibility of the U.S. government creating a strategic Bitcoin reserve, similar to its gold reserves, under the new administration.

Bitcoin's record-breaking streak has lasted three consecutive days, starting with the milestone achievement of crossing $100,000 earlier this month. This sustained momentum reflects growing confidence in cryptocurrency as a key financial asset.

Institutional investors have also played a pivotal role in Bitcoin's recent rise. On Monday alone, over $600 million flowed into Bitcoin-focused exchange-traded funds (ETFs) listed on U.S. stock exchanges. Last week saw similar record-breaking levels of investment in crypto through more traditional financial products, signaling a broader acceptance of digital assets among mainstream investors.

As Bitcoin continues to capture attention globally, the question remains: Could a strategic Bitcoin reserve redefine the U.S.'s financial arsenal in the coming years?