Bitcoin has achieved a significant milestone, surpassing the $100,000 mark for the first time and setting a new all-time high.
The surge in Bitcoin’s value is partly driven by growing expectations that US President-elect Donald Trump will implement crypto-friendly policies. This price surge came just hours after Trump announced his intention to nominate former Securities and Exchange Commission (SEC) commissioner Paul Atkins to lead the Wall Street regulator.
Atkins is widely regarded as more favorable toward cryptocurrencies compared to the current SEC chair, Gary Gensler, which has further fueled optimism in the market.
The price of Bitcoin is considered a key indicator of sentiment in the broader cryptocurrency market, which is now valued at approximately $3.3 trillion, according to Coin Market Cap. Trump’s victory in last month’s election acted as the catalyst for this latest surge. He has promised to position the US as the “crypto capital of the planet,” a significant shift from his stance in 2021 when he labeled Bitcoin a “scam.”
Bitcoin’s price has increased dramatically, with the $100,000 valuation marking a 40% rise since election day and more than double its price at the start of the year.
