Bitcoin has soared past the $100,000 mark for the very first time, it has continued to its remarkable accent. The investors have placed their bets on growing political and regulatory backing from Donald Trump, newly elected US President.
The value of the world’s leading cryptocurrency on Thursday grew as much as 6.1 per cent reaching $103,800 which saw a staggering increase of over 5% since Trump gained victory in presidential elections.
The former president appointed crypto supporter Paul Atkins as the leader of the Securities and Exchange Commission, which is the main regulatory body. It came as a significant move that ignited optimism for a more favourable environment for the sector of cryptocurrency.
Trump has pledged to transform the US into the “Bitcoin superpower of the world’ and keeping it in mind opted to place crypto advocates in key positions. The major figures include Elon Musk who will be co-leading a cost-saving initiative Department of Government Efficiency (DOGE) and Howard Lutick in the commerce department.
Atkin’s nomination offers additional momentum to a rally that started with the first stock markt funds which were dedicated to Bitcoin in January. CEO of Crypto.com, Kris Marszalek on X declared that the $100k mark for Bitcoin has been a significant moment and they have never doubted or quivered and they will never stop building more.
The leap of cryptocurrency beyond $100,000 indicates a remarkable turnaround for the industry, especially when reflecting the collapse of FTX in late 2022 that further triggered a market crisis leading bitcoin price to $16,000.
In a surprising shift, Trump has shifted from his stance on cryptocurrency which once he labelled a scam, and now he has started to attract millions in campaign contributions from major crypto investors.
Co-founder of the cryptocurrency exchange Gemini, Cameron Winklevoss made a remark that the bitcoin bull run is not like any other, he also added that they have a pro-technology president-elect.
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