Investing.com– Bitcoin breached the critical $100,000 mark on Friday, boosted by growing optimism surrounding the upcoming inauguration of US President-elect Donald Trump next week.
rose 2% to $101,372.1 by 01:01 ET (0601 GMT).
Bitcoin above $100k on expectations of friendly crypto policy under Trump
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 is poised to sign an executive order that will make cryptocurrency a national policy priority and give industry leaders a significant role in shaping regulations, Bloomberg reported Friday, citing sources.
Namely, the order could create a national supply of Bitcoin using the government’s $20 billion in seized Bitcoin funds, according to the report.
Trump’s campaign promises, including the potential creation of a strategic 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).
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.
Cryptocurrency Price Today: Most Altcoins Jump Following Bitcoin, Litecoin Rises 16%
In the broader cryptocurrency market, most altcoins jumped much higher than Bitcoin, reflecting heightened risk sentiment.
The world’s No. 2 cryptocurrency gained 0.2% to $3,374.21.
The world’s No. 3 crypto jumped 8.7% to $3.0616.
rose 5% and rose 2.3%, while rose 7.7%. Among meme tokens, it gained 2.7%.
rose 16% after rising more than 10% the day before, amid growing optimism over the possible approval of an exchange-traded fund (ETF) focused on LTC.
The increase comes after Canary Capital amended its S-1 registration form with the SEC on January 15. Analysts see the amendment as a significant step towards cooperation with regulators.
Such filings often indicate that feedback has been received from regulators, and updates potentially offer insight into the review process.
If approved, the proposed ETF will make Litecoin the third cryptocurrency, along with Bitcoin and , to provide a US-approved spot ETF.
