Investing.com– Bitcoin extended its rally for a third straight session on Thursday, hovering near the critical $100,000 level buoyed by broad market optimism after softer U.S. inflation data.
rose 2.5% to $99,478.4 by 01:12 ET (06:12 GMT).
The token has rebounded sharply this week, rising to a session high of $100,499.8 on Wednesday, but gave away some of the gains later in the day.
Bitcoin returns near $100k ahead of Trump’s inauguration
In the lead-up to President-elect Donald Trump’s inauguration on January 20, Bitcoin has experienced a significant surge, recently reaching a record high of $108,244.
This upward trajectory is largely attributed to the anticipation of crypto-friendly policies under the incoming administration.
Trump’s campaign promises, including the potential creation of a strategic national Bitcoin reserve and the appointment of cryptocurrency advocates to key regulatory positions, have bolstered investor confidence in the digital asset.
The appointment of Paul Atkins, a known crypto advocate, as the prospective chair of the Securities and Exchange Commission (SEC) is particularly noteworthy.
Atkins is expected to implement a more accommodating regulatory framework for digital assets, contrasting with the stringent policies of his predecessor.
Republican officials at SEC are expected to start revising the agency’s cryptocurrency policies, possibly as soon as next week when Trump assumes office, Reuters reported on Wednesday citing sources familiar with the matter.
Several cryptocurrency analysts maintain a bullish outlook on Bitcoin’s price trajectory, forecasting significant growth this year.
Crypto price today: most altcoins jump after soft US inflation
In the broader cryptocurrency market, most altcoins jumped much more than Bitcoin, reflecting an increased risk-on sentiment.
This comes after Wednesday’s U.S. data, which showed that inflation in dec grew largely in line with expectations, while was softer than expected.
A softer inflation report led to a wider upbeat mood, allaying liquidity concerns.
World no.2 crypto jumped 4.4% to $3,3371.25.
World no.3 crypto climbed 7.2% to $3.0616.
jumped 7.1%, and rose 4.7%, while climbed 3.1%. Among meme tokens, gained 4.4%.
