Bitcoin appreciates further, approaching the $100,000 milestone.
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Bitcoin hit a fresh high on Friday, with its sights set firmly on the $100,000 barrier, in a stunning rally for the cryptocurrency that was sparked by expectations of a friendlier regulatory environment under the Donald Trump administration.
It has more than doubled in value this year and is up nearly 45 percent since Trump’s landslide election victory on Nov. 5, which saw pro-crypto lawmakers elected to Congress.
The cryptocurrency was up just over 1 percent on the day at $99,380, and is on track for its best monthly performance since February.
Its rise has made bitcoin one of the prominent winners of so-called “Trump trades” — assets that are seen as a win or a loser from Trump’s policies.
Cryptocurrency also seems to be on the cusp of mainstream acceptance since its creation 16 years ago. The approval of US-listed bitcoin exchange-traded funds in January this year has helped boost the market.
“It’s taken more seriously the longer it lives, that’s just the reality of things,” said Shane Oliver, chief economist and head of investment strategy at AMP Sydney.
“As an economist and an investor, I find it very difficult to value… it’s anybody’s guess. But there is a momentum aspect to it and the momentum is up at the moment.
In fact, Bitcoin is up nearly 130% this year.
Trump embraced digital assets during his campaign, promising to make America the “crypto capital of the planet” and amass a national bitcoin reserve.
Crypto investors are seeing an end to increased scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler, who said Thursday he will step down when Trump takes office in January.
Under Gensler, the SEC sued exchanges Coinbase, Kraken, Binance, and others, alleging that their failure to register with the agency violated SEC rules, allegations the companies deny and Fighting in court.
