Bitcoin surged more than 5% on Thursday, surpassing $100,000 for the first time in its history, driven by hopes that former Republican President Donald Trump will soon return to the White House and that he will pass more flexible cryptocurrency legislation.
Bitcoin hit a new record high of $102,888 in early Asian trading, just hours after Trump announced he would ease regulatory oversight of the cryptocurrency industry and that he would appoint Republican lawyer Paul Atkins, a cryptocurrency advocate, as chairman of the Securities and Exchange Commission upon taking office on Jan. 20.