Bitcoin (BTC-USD) rose to $103,000 near 8:30 a.m. ET on Thursday after crossing $100,000 Wednesday evening, continuing a stunning rally driven by the belief that President-elect Donald Trump’s administration will create a crypto-friendly regulatory environment.
Since Trump’s November election, bitcoin has risen more than 40%, repeatedly coming close to $100,000. It was roughly $103,250 per token last check.
Trump praised the move on Truth Social early Thursday, welcoming crypto aficionados to the rally that followed his election triumph last month.
A big congratulations to Bitcoiners! $100,000!!! Welcome!” Mr. Trump wrote. “Together, we will Make America Great Again!”
The token rose late Wednesday after Trump appointed Paul Atkins to chair the SEC. Atkins was a crypto-friendly candidate.
Trump said former SEC commissioner and Patomak Global Partners CEO Atkins “is a proven leader for common sense regulations.”
“He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump tweeted on Truth Social Wednesday.
Democratic Sen. Kirsten Gillibrand said Wednesday that Atkins has the “right experience” to write federal crypto legislation.
“Atkins could very well be a good SEC head,” Gillibrand added (video above).
Investor confidence regarding crypto-friendly legislation increased last month after the SEC said Chair Gary Gensler will resign on Jan. 20, the president-elect’s Inauguration Day.
At the SEC, Gensler cracked down on the industry. Wall Street expected his successor to de-regulate crypto.
“The expectation is the new SEC chair is more likely to embrace crypto,” Oppenheimer executive director and senior analyst Owen Lau said in a recent interview.
“It is huge because it represents a dramatic regime shift from violation of security laws to crypto capital,” he said.
Trump’s campaign promises to create a bitcoin national stockpile made bitcoin a prominent part of the Trump trade.
The token has also risen on reports that Trump’s transition team is considering a “crypto czar” to manage bitcoin policy.
Last month, the Financial Times claimed that Trump Media & Technology Group (DJT) is in advanced talks to acquire crypto trading business Bakkt (BKKT), which might boost sector ambitions.
Recently, Bitcoin spot exchange-traded funds have witnessed large inflows, driving prices higher. Options related to BlackRock’s spot bitcoin ETF (IBIT) began trading on Nasdaq in November, increasing crypto trading.
After the significant price milestone, Oppenheimer’s Lau warned of instability despite euphoria.
“No. 1 advice: Just be careful when you hit the $100,000 level,” warned Lau. “There may be some selling pressures and people looking for the next breakout level.”
