Bitcoin climbs to three-week high after US captures Maduro
The largest cryptocurrency has in the past been framed as a haven in times of turmoil
[SINGAPORE] Bitcoin hit a three-week high in early Asia trading, as political uncertainty continues after the US move to oust Venezuela’s president Nicolas Maduro over the weekend.
The largest cryptocurrency rose as much as 2.3 per cent to US$93,323 on Monday (Jan 5) morning, its highest level since Dec 11. Ether and other tokens also edged higher.
The move comes against a broadly positive backdrop in Asian markets, where equities have reached all-time highs fuelled by technology and artificial intelligence bets. Gold jumped as much as 2 per cent to over US$4,400 an ounce on Monday, while silver surged as much as 4.8 per cent, as investors flock to the safety of precious metals following Maduro’s capture.
Bitcoin has in the past been framed as a haven in times of turmoil, while at other times it has moved more in line with stocks and other risk assets.
Currently, its gains are being driven by so-called crypto-native firms, those specifically focused on digital assets, and an absence of selling by groups including Bitcoin miners, wealthy family offices and other big investment funds, said Sean McNulty, Apac derivatives trading lead at FalconX.
Bitcoin has been stuck in a tight trading range for weeks, missing out on a stock rally over the Christmas holidays and ending the year down 6.5 per cent. It underperformed in 2025 despite a raft of policy advancements in the US pushed through by US President Donald Trump, who is avowedly pro-crypto.
On Jan 2, investors poured a chunky US$471 million into the 12 US-listed Bitcoin exchange-traded funds, the most since Nov 11, suggesting a possible shift in mood.
Traders are now waiting to see whether Bitcoin can make a sustained break through the US$94,000 mark, with US$88,000 the key downside level to watch, according to McNulty. BLOOMBERG
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