Catenaa, Friday, November 22, 2024-Bitcoin reached a record high of $98,800 on Thursday (21) after the Securities and Exchange Commission announced Chair Gary Gensler will step down effective January 20, the same day President-elect Donald Trump is inaugurated.
The cryptocurrency has surged 40% since Trump’s victory earlier this month, buoyed by expectations of a more crypto-friendly administration.
Reports indicate Trump’s transition team is considering initiatives to promote digital assets, including appointing a pro-crypto SEC chair and creating a Bitcoin national stockpile.
BlackRock’s iShares Bitcoin Trust ETF has also seen a $13 billion surge in assets since the election, pushing its total holdings past $40 billion.
Spot Bitcoin ETFs have been pivotal in driving the cryptocurrency’s rally, with options tied to the BlackRock fund debuting on Nasdaq earlier this week.
Further boosting market sentiment, reports suggest Trump Media & Technology Group is in advanced talks to acquire crypto trading platform Bakkt, potentially signaling deeper engagement in the sector.
Bitcoin’s rise reflects a broader shift in investor sentiment, with many anticipating long-term gains as the incoming administration embraces a crypto-forward stance.
