Bitcoin breaks through $100,000 milestone on Donald Trump’s pro-crypto pick for SEC

financialpost.com:

President-elect Donald Trump’s pick of a crypto proponent to be the next head of the United States securities regulator lifted Bitcoin to US$100,000 for the first time as traders warmed to the prospect of relaxed regulations.

The digital asset rose as much as 6.1 per cent to US$103,801 on Thursday. The crypto market overall has jumped by roughly US$1.3 trillion since Trump’s election victory on Nov. 5 on a platform that includes a tight embrace of the crypto sector.

Trump selected Paul Atkins to replace outgoing Securities & Exchange Commission chair Gary Gensler, who cracked down on digital assets after a 2022 market rout exposed fraudulent practices and sparked costly blowups.

The announcement ended a period in which Bitcoin had flirted with the US$100,000 level, but failed to break through, after rallying to a fresh record following Trump’s win.

“This is a momentum rally,” said Jason Titman, chief executive of crypto brokerage Swyftx. “Global spot volumes are above mid-pandemic levels and the nomination of Paul Atkins as SEC chair just added to the carnival atmosphere.”

Bitcoin on Nov. 22 was less than US$300 from achieving US$100,000 but fell back while remaining in sight of the landmark level. Crypto’s adherents view the six-figure number as a validation of controversial claims that Bitcoin is a modern-day store of value and a hedge for inflation risk. For critics, the digital asset lacks any fundamental value and is too exposed to speculative whims.

“Today’s milestone marks a turning point in Bitcoin’s journey from a niche asset to a mainstream financial instrument,” Binance chief executive Richard Teng said in an emailed statement.

Bitcoin traded at just below US$103,000 at 10 a.m. in London on Thursday. The