PK Press Club–Bitcoin surpassed the critical $100,000 mark on Friday, buoyed by growing optimism surrounding the upcoming inauguration of US President-elect Donald Trump next week.
rose 2% to $101,372.1 as of 1:01 a.m. ET (06:01 GMT).
Bitcoin above $100,000 on expectations of friendlier crypto policies under Trump
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 is preparing to sign an executive order making cryptocurrency a national policy priority and giving industry leaders a significant role in shaping regulations, Bloomberg reported Friday citing sources.
Notably, the order could create a national Bitcoin stockpile using the $20 billion in Bitcoin holdings confiscated by the government, the report said.
Trump’s campaign promises, including the potential creation of a strategic 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).
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.
Crypto Price Today: Most Altcoins Follow Bitcoin, Litecoin Rises 16%
In the broader cryptocurrency market, most altcoins surged far more than Bitcoin, reflecting heightened sentiment of risk.
The world’s No. 2 crypto gained 0.2% to $3,374.21.
The world’s No. 3 crypto jumped 8.7% to $3.0616.
climbed 5% and rose 2.3%, while jumping 7.7%. Among meme tokens, gained 2.7%.
surged 16% after rising more than 10% a day earlier, amid growing optimism over the possible approval of an LTC-focused exchange-traded fund (ETF).
This rally comes after Canary Capital amended its S-1 registration form with the SEC on January 15. Analysts view this amendment as an important step towards engagement with regulators.
Such filings often suggest that comments have been received from regulators, with updates potentially offering insight into the review process.
If approved, the proposed ETF would make Litecoin the third cryptocurrency, alongside Bitcoin and Bitcoin, to secure a U.S.-approved spot ETF.
