Topline
The price of Bitcoin crossed $100,000 for the first time and hit an all-time high of nearly $104,000 late on Wednesday, continuing its post-election bull run as President-elect Donald Trump has vowed to embrace crypto-friendly policies.
The price of Bitcoin crossed the $100,000 mark for the first time on Wednesday.
Key Facts
Bitcoin hit an all-time high of $103,900 on Wednesday night before settling at around $103,100 just before midnight, up 7.62% in the past 24 hours.
The $100,000 mark was breached for the first time late on Wednesday evening after the token’s price hovered just under $98,000 for nearly two weeks in what initially appeared to be a flattening of the post-election bull run.
Bitcoin’s price has risen more than 36% since election day, when it was valued at around $75,600.
Ether, the second most valuable crypto token, also appeared to be buoyed by Bitcoin’s surge and rose to $3,870 on Wednesday night, up more than 5.4% in the past 24 hours.
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News Peg
Earlier on Wednesday, Trump announced Paul Atkins as his pick for chair of the Securities And Exchange Commission. Trump alluded to his pro-crypto views in his announcement, describing Atkins as someone who “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.” Last month, current SEC Chair Gary Gensler announced his plans to step down in January. The crypto world reacted to the news of Gensler’s exit with relief and joy as the SEC under his leadership had undertaken several enforcement actions against crypto companies—including major exchanges.
Big Number
133.41%. The rise in Bitcoin’s price since the start of this year, when it was at $44,200.
Key Background
The post-election surge in Bitcoin and other cryptocurrency prices has come as Trump has vowed to be the “crypto president,” and move away from the Biden administration’s regulatory actions against the industry. The president-elect has promised to transform the U.S into the “crypto capital of the planet,” and has vowed to “keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future.” The pro-crypto embrace is a major shift in stance for Trump who previously expressed skepticism about the industry and called it a “scam” and a disaster waiting to happen.
Further Reading
Bitcoin Price Crosses $90,000 For First Time Ever Amid Trump Crypto Surge (Forbes)
XRP Is Now The Fourth Largest Cryptocurrency After $100 Billion Post-Election Surge (Forbes)
