The digital asset rose more than 3% to $101,555 in Asian trading on Thursday
President-elect Donald Trump’s pick of a crypto proponent to be the next head of the US securities regulator lifted Bitcoin to a record $100,000 as traders warmed to the prospect of relaxed regulations.
The digital asset rose more than 3% to $101,555 in Asian trading on Thursday. The crypto market overall has jumped by roughly $1.4 trillion since Trump’s US election victory on November 5 on a platform that includes a tight embrace of crypto.
Trump selected Paul Atkins to replace outgoing Securities & Exchange Commission Chair Gary Gensler, who cracked down on digital assets after a 2022 market rout exposed fraudulent practices and sparked costly blowups.
“This is a momentum rally,” said Jason Titman, chief executive of crypto brokerage Swyftx. “Global spot volumes are above mid-pandemic levels and the nomination of Paul Atkins as SEC chair just added to the carnival atmosphere.”
Speculators also digested comments from Russian President Vladimir Putin, who said at an economic forum in Moscow that nobody can prohibit the use of Bitcoin and other virtual currencies.
Bitcoin on November 22 was less than $300 from achieving $100,000 for the first time but fell back while remaining in sight of the landmark level. Crypto’s adherents view the six-figure number as a validation of controversial claims that Bitcoin is a modern-day store of value and hedge for inflation risk.
