Investing.com– Bitcoin extended its gains for a third straight session on Thursday, moving near the critical $100,000 level boosted by broad market optimism following weaker US inflation data.
rose 2.5% to $99,478.4 by 01:12 ET (0612 GMT).
The token bounced back sharply this week, climbing to a session high of $100,499.8 on Wednesday, but gave away some of the gains later in the day.
Bitcoin returns close to $100k ahead of Trump’s inauguration
Ahead of President-elect Donald Trump’s inauguration on January 20, Bitcoin has seen a significant rally, recently hitting a record high of $108,244.
This upward trajectory is largely attributed to anticipation of crypto-friendly policies under the incoming administration.
Trump’s campaign promises, including the potential creation of a strategic national Bitcoin reserve and the appointment of cryptocurrency advocates to key regulatory positions, have bolstered investor confidence in the digital asset.
Of particular note is the appointment of Paul Atkins, a well-known proponent of cryptocurrencies, as the future chairman of the Securities and Exchange Commission (SEC).
Atkins is expected to implement a more flexible regulatory framework for digital assets, in contrast to the strict policies of his predecessor.
Republican SEC officials are expected to begin revising the agency’s cryptocurrency policy, possibly as early as next week when Trump takes office, Reuters reported on Wednesday, citing sources familiar with the matter.
Several cryptocurrency analysts are optimistic about Bitcoin’s price trajectory, predicting significant growth this year.
Cryptocurrency price today: Most altcoins jump after mild US inflation
In the broader cryptocurrency market, most altcoins jumped much higher than Bitcoin, reflecting heightened risk sentiment.
This comes after US data released on Wednesday showed inflation in December rose mostly in line with expectations, while coming in lower than expected.
The report of softer inflation led to broader upbeat sentiment, easing liquidity concerns.
The world’s No. 2 crypto jumped 4.4% to $33371.25.
The world’s third largest crypto climbed 7.2% to $3.0616.
jumped 7.1% and rose 4.7%, while climbed 3.1%. Among meme tokens, it gained 4.4%.
