PK Press Club– Bitcoin extended its rally for a third straight session on Thursday, hovering near the critical $100,000 level, supported by general market optimism following weaker U.S. inflation data.
rose 2.5% to $99,478.4 as of 1:12 a.m. ET (06:12 GMT).
The token rebounded strongly this week, reaching a high of $100,499.8 on Wednesday, but gave up some of the gains later in the day.
Bitcoin Raises Nearly $100,000 Ahead of Trump Inauguration
As President-elect Donald Trump’s inauguration approaches on January 20, Bitcoin has seen a sharp rise, recently reaching an all-time high of $108,244.
This upward trajectory is largely attributed to the anticipation of crypto-friendly policies under the new administration.
Trump’s campaign promises, including the potential creation of a strategic national Bitcoin reserve and the appointment of cryptocurrency advocates to key regulatory positions, have boosted investor confidence in the digital asset.
Particularly noteworthy is the nomination of Paul Atkins, a known crypto advocate, as the future chairman of the Securities and Exchange Commission (SEC).
Atkins is expected to implement a more accommodating regulatory framework for digital assets, contrasting with the strict policies of his predecessor.
Republican SEC officials are expected to begin reviewing the agency’s cryptocurrency policies, possibly as early as next week when Trump takes office, Reuters reported on Wednesday, citing sources familiar with the matter.
Several cryptocurrency analysts maintain a bullish outlook on Bitcoin’s price trajectory, forecasting significant growth this year.
Crypto Price Today: Most Altcoins Jump After Weak US Inflation
In the broader cryptocurrency market, most altcoins surged far more than Bitcoin, reflecting heightened sentiment of risk.
That follows U.S. data on Wednesday, which showed inflation in December rose largely in line with expectations, while still being weaker than expected.
A weaker inflation report led to a more optimistic mood, easing liquidity concerns.
The world’s No. 2 crypto jumped 4.4% to $3,371.25.
The world’s No. 3 crypto climbed 7.2% to $3.0616.
jumped 7.1% and rose 4.7%, while climbing 3.1%. Among meme tokens, gained 4.4%.
