Bitcoin has surpassed the $100,000 mark, reaching $155,440, following a significant rally.
This increase in value is attributed to the election of Donald Trump.
His election has led to expectations of a more favorable regulatory environment for cryptocurrencies.
Trump announced his intention to nominate Paul Atkins, a known cryptocurrency supporter, as the next chair of the Securities and Exchange Commission.
Since Trump’s election on November 5, Bitcoin has experienced tremendous growth.
On election day, Bitcoin was valued at $69,374.
It reached a high of $103,713 on Wednesday, according to CoinDesk.
Bitcoin’s drop
This current rise is noteworthy, especially considering Bitcoin’s drop below $17,000 two years ago after the FTX exchange collapse.
Market analysts are monitoring this upward trend closely as the regulatory landscape evolves.
The cryptocurrency market remains highly volatile and sensitive to political developments.
New framework
Investors are optimistic about future growth in light of recent events.
The nomination of Atkins may signal continued support for the crypto industry under the new administration.
As Bitcoin continues to rise, the implications for the overall market could be significant.
Cryptocurrency enthusiasts are hopeful that a more constructive regulatory framework will promote wider adoption.
