Bitcoin prices are back nearing $90,000 as global markets receive a boost from US President Donald Trump, who hinted that crypto-related legislation will be signed soon.
At 9:50 this morning, Bitcoin opened at $90,024, up 0.05% since it opened early Thursday in the Asian session.
Trump stressed his desire to ensure that the United States remains the world's crypto center during a speech at the World Economic Forum (WEF) in Davos.
He said Congress is currently actively drafting laws to structure the crypto market involving Bitcoin and other digital assets, with the goal of opening up more financial opportunities for Americans.
The statement had a positive impact on the market, with Bitcoin recording an increase of around 1.7%, in line with the strengthening of the US stock market.
Sentiment also improved after Trump stated that he would not use force on the Greenland issue, thus alleviating geopolitical concerns.
The S&P 500 rose 0.5%, while Trump also said the Dow Jones could double in a short period of time.
Despite the surge, investors remained cautious. Markets are now watching developments in Japan, where 10-year government bond yields jumped to their highest levels since 1999.
Japan's sky-high government debt has raised concerns about global financial stability, a factor that often weighs on the crypto market.
Bitcoin's recent rally has been fueled by hopes for crypto-friendly policies, but global economic uncertainty remains a risk to watch.
