Bitcoin has achieved a historic milestone, crossing the $100,000 mark for the first time on Wednesday. The popular cryptocurrency has seen a remarkable growth this year and surged over 5% in the last 24 hours.
The recent rally is closely tied to political developments in the United States. Donald Trump won as the next president of the United States and this incident has spurred optimism among cryptocurrency investors Trump has signaled a more crypto-friendly approach. He also selected Paul Atkins, a well-known crypto advocate, to chair the Securities and Exchange Commission (SEC). This appointment is seen as a clear indicator of a potential shift in regulatory attitudes.
Under President Joe Biden, the SEC aggressively targeted cryptocurrency exchanges, including Coinbase. The actions created dissatisfaction among crypto proponents. On the other hand, Trump’s pro-crypto stance boosted market confidence.
Bitcoin’s price has risen roughly 50% since Election Day and more than 100% throughout the year. The crossing of the $100,000 is also a big psychological milestone. It can encourage more investors and shows the growing acceptance of Bitcoin as a legitimate asset class.
