President-elect Donald Trump’s pick of a cryptocurrency advocate to head the U.S. Securities and Exchange Commission has sent bitcoin soaring past $100,000 as traders welcomed the prospect of looser regulations.

The largest cryptocurrency surged more than 6% to above $100,000 on Thursday in Asian trading, with the entire cryptocurrency market having surged by about $1.4 trillion since Trump won the U.S. election on Nov. 5.

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