Bitcoin's Price Broke $100,000. What's Next?
Bitcoin (BTCUSD) traded above $100,000 for the first time ever late Wednesday, then kept rising.
The largest cryptocurrency by market cap recently traded above $103,000, according to CoinDesk. The most recent price surge came after President-elect Donald Trump nominated pro-crypto Paul Atkins to lead the Securities and Exchange Commission.
Bitcoin had come close to breaching $100,000 in November thanks to a post-election rally, later falling as low as $91,000 amid profit taking. The latest moves have the estimated total market cap of crypto above $3.7 trillion, according to CoinMarketCap.
The late-year rally in bitcoin prices has been driven largely by the expectation of more clarity around cryptocurrency regulation and a more crypto-friendly administration since Trump's electoral victory, with investors pouring money into bitcoin alongside crypto-related stocks and exchange-traded funds.
«One of the big changes taking place in the US post-election is the emergence of a new (»counter") elite that is much more comfortable with innovations and disruption, is pro-liberalization and de-regulation, and is generally less risk-averse," wrote Mohamed El-Arian, chief economic advisor at Allianz, early Thursday on X.«It is a change that… significantly enhances prospects for wider institutional and retail adoption of crypto assets and, therefore, their role in the payments eco-system and as part of investment portfolios.»
Investors have cheered news about the incoming administration setting up a cryptocurrency advisory council and, possibly, also a bitcoin strategic reserve.
The nomination of Atkins for SEC chair was seen as more good news for the crypto industry after the current leader of the agency, Gary Gensler, announced
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