Cryptocurrency sector welcomes good news again? A cryptocurrency figure becomes a hot candidate for CFTC chairman

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

On Thursday during the Asian session, Bitcoin traded around $100,000, thanks to further signs that advocates in the cryptocurrency space will help shape U.S. financial regulations under the leadership of President Trump.

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

Trump is pushing to reverse the Biden administration's crackdown on cryptocurrencies, instead supporting looser regulations, which helped Bitcoin reach an all-time high of $103,800 on December 5. Since then, cryptocurrency prices have fluctuated near the six-figure mark.

Increased expectations for Federal Reserve rate cuts have also helped boost investor sentiment on Wednesday. After U.S. CPI inflation met expectations, speculators increased bets on Fed rate cuts, and the prospect of looser monetary policy drove the tech-heavy Nasdaq 100 index to a new all-time high.

Henry Elder, head of UTXO Management, stated, "The market likes to see inflation meet expectations," and added 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 its feasibility, but the president-elect's son, Donald Trump Jr., stated that his father "will be an incredible ally for this industry."

Trump was previously a skeptic of digital assets, but changed his stance after the industry heavily promoted its benefits during the U.S. election. This Republican now has his own cryptocurrency project in the cryptocurrency space, a controversial field with a history filled with volatility, fraud, and criminal activities.

Since Trump won the U.S. election on November 5, Bitcoin, the king of cryptocurrencies, has risen by about 50%, thanks to approximately $11 billion in funds flowing into U.S. spot Bitcoin exchange-traded funds (ETFs) during this period.