For the first time in the crypto currency’s history, Bitcoin has surpassed the six-figure mark thanks in part to the industry’s view of President-elect Donald Trump, who has promised to be more crypto-friendly.
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The coin hit the $100,000 mark on Wednesday night, hours after Trump selected Paul Atkins to chair the Securities and Exchange Commission. Atkins previously served as an SEC commissioner during former President George W. Bush’s time in office.
Since leaving the commission, Atkins has said there’s been too much market regulation, leading investors to believe that handcuffs put on during President Biden’s administration are coming off.
Bitcoin began to rally after Trump took back the White House last month. On Election Day, Nov. 5, the coin was worth $69,374, but as of Thursday morning, it sat at around $103,018.
Bitcoin, a digital currency that operates independently of a central governing authority, has had a shaky few years, in part due to the collapse of the crypto exchange FTX in 2022.
During its low in October 2022, the coin sat just above $16,000, having fallen from its then-peak of $68,000 just 11 months prior.
However, much like the stock market, cryptocurrency has ebbs and flows, so it remains to be seen if the coin will stay at its mark, fall, or rise even higher when Trump is sworn in come January.
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