Bitcoin resumed a climb toward $100,000 on signs that crypto-friendly candidates will likely shape US financial rules under Donald Trump.
Bitcoin saw its sharpest climb in over two weeks on Wednesday, reaching $97,361 before settling at $95,500 by 5:45 a.m. Thursday in London. The surge in sentiment came as crypto advocates emerged as top contenders to lead the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The president-elect has pledged to reverse the digital asset crackdown enforced by the Biden administration, aiming instead to spur industry growth by introducing initiatives such as a national Bitcoin reserve. These commitments sparked a wave of optimism, propelling Bitcoin close to the record $100,000 mark last week. However, traders have since adopted a more cautious approach, awaiting tangible actions to fulfill these promises.
Crypto advocate Paul Atkins has reportedly emerged as a leading contender to succeed Gary Gensler as chair of the Securities and Exchange Commission (SEC), according to sources familiar with the matter. Gensler, known for his aggressive enforcement actions targeting alleged noncompliance and risky practices in the digital asset sector, has become a polarizing figure within the crypto industry.
At the same time, most potential candidates to lead the Commodity Futures Trading Commission (CFTC) are expected to adopt a more crypto-friendly stance. This shift in leadership sentiment comes as the crypto market has added approximately $1 trillion in value since Trump's victory in the U.S. presidential election on November 5, fueling optimism about a more supportive regulatory environment for digital assets.