Leaders of the two major regulatory agencies on Wall Street may both be crypto-friendly!

On Thursday in Asia, Bitcoin was trading around $100,000, thanks to further signs that advocates in the cryptocurrency space will help shape U.S. financial regulations under the leadership of elected President Trump.

The latest development is that Brian Quintenz has become a top candidate to lead the Commodity Futures Trading Commission (CFTC); Quintenz is the policy head of the digital asset division a16z Crypto at the venture capital giant Andreessen Horowitz and a former Republican CFTC commissioner.

On Thursday in Asia, the Bitcoin price was hovering around $101,000.

Trump pushed to reverse the Biden administration's crackdown on cryptocurrencies and instead support looser regulations, which helped Bitcoin reach its all-time high of $103,800 on December 5. Since then, the price of cryptocurrencies has fluctuated around six figures.

The increased expectations for a Fed interest rate cut also helped boost investor sentiment on Wednesday. After U.S. CPI inflation met expectations, speculators increased their bets on Fed rate cuts, and the prospect of looser monetary policy drove the tech-heavy Nasdaq 100 index to a record high.

Henry Elder, head of UTXO Management, said, "The market likes to see inflation meet expectations," adding that traders are "trying to figure out whether $100,000 is the ceiling or the floor for Bitcoin."

In addition to supportive regulations, Trump also supports the idea of establishing a strategic national Bitcoin reserve, although many question the feasibility of the latter. The elected president's son, Donald Trump Jr., stated that his father "will be an incredible ally for this industry."

Trump was once a skeptic of digital assets but changed his stance after the industry heavily promoted its benefits during the U.S. elections. The Republican now has his own cryptocurrency project in the crypto space, which is a controversial field with a history filled with volatility, fraud, and criminal activity.

Since Trump won the U.S. election on November 5, Bitcoin, the leader in the crypto space, has risen about 50%, thanks to around $11 billion in funds that flowed into U.S. spot Bitcoin exchange-traded funds (ETFs) during this period. Ethereum (the second-largest digital asset) equivalent products attracted $2.4 billion.#BTC重返10万 #美联储12月降息预期上升