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Bitcoin Hits Record High Amid Regulatory Optimism Under Trump’s New Administration

Bitcoin reached a new record high on Friday, nearing the $100,000 mark. The cryptocurrency’s rally has been fueled by expectations of a more favorable regulatory environment under U.S. President-elect Donald Trump.

Bitcoin’s value has more than doubled this year and surged by 45% in the two weeks since Trump’s election victory, which also saw the election of crypto-friendly lawmakers to Congress. Currently, Bitcoin is trading at $99,380, up 2% in the last 24 hours and on track for its best monthly performance since February. The crypto market has added over $1 trillion in value since Trump’s November 5 election win.

Regulatory Changes Drive Optimism Amid Strong Demand

Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), announced plans to step down on January 20, coinciding with the start of Trump’s term. Gensler’s tenure included a crackdown on cryptocurrencies, raising hopes for improved regulatory conditions under the new administration.

Trump’s transition team is also considering creating a White House position dedicated to digital asset policies. Meanwhile, major companies like Charles Schwab and MicroStrategy are preparing to deepen their involvement in cryptocurrencies. Schwab plans to offer crypto trading services once new rules are in place, while MicroStrategy continues to make significant Bitcoin purchases.

The $100,000 Milestone: A Key Psychological Level

Analyst Chris Weston of Pepperstone highlighted several drivers for the rally, including Gensler’s resignation, strong inflows into exchange-traded funds (ETFs), and the role of options in pushing prices higher. However, he emphasized that $100,000 is a significant psychological barrier for the market.

This surge positions Bitcoin for a potentially historic milestone as it approaches the end of a remarkable year for cryptocurrencies.