The world’s largest cryptocurrency hit a series of record highs this week, with a rally after Donald Trump’s election win showing few signs of easing.
Bitcoin rose 1.9% to $98,870.4 by 01:17 ET (06:17 GMT). The coin hit a record high of 99,289.3 earlier in the session, and was up 9.1% this week.
Bitcoin trading was also boosted by the launch of options tracking Blackrock’s iShares Bitcoin Trust (NASDAQ:IBIT) exchange-traded fund, with traders seen piling into call options on the crypto.
Bitcoin was within spitting distance of the coveted $100,000 level, after more than doubling in value so far in 2024.
Trump was the crypto’s biggest boost this year, given that he had vowed to introduce crypto-friendly regulation in his administration. Trump had promised to make America the “crypto capital of the planet” during his campaign, and had also floated the idea of a Bitcoin national reserve.
Media reports this week said Trump was considering a dedicated cabinet position for crypto regulation.
Crypto markets were also enthused by Securities and Exchange Commission Chairman Gary Gensler stating he will step down after Trump takes office. Gensler said he will step down on January 20 next year.
Gensler had led a harsh crackdown on the crypto industry over the past two years, with the SEC still engaged in long-running suits against Coinbase (NASDAQ:COIN) and Ripple over the nature of cryptocurrencies as securities.
XRP, the token issued by Ripple, surged over 27% on Friday on the Gensler news.
Traders believe that Gensler’s successor will have a much more lax attitude towards enforcement action, especially under a Trump administration.
Trump had vowed to fire Gensler on “day one” of taking office.
Beyond Bitcoin, major altcoins also advanced on Friday, and were set for strong weekly gains amid persistent optimism over crypto.
World no.2 crypto Ether rose 8.2% to $3,365.18, and was trading up 7.5% this week.
SOL rose nearly 9%, while ADA and MATIC added 13.2% and 6.1%, respectively.
Among meme tokens, Dogecoin rose 2.6% and was sitting on a 8.3% gain this week.
Source: Cryptocurrency - investing.com
