Investing.com– Bitcoin surged past the critical $100,000 milestone on Friday, driven by growing optimism surrounding the upcoming inauguration of U.S. President-elect Donald Trump next week.
rose 2% to $101,372.1 by 01:01 ET (06:01 GMT).
Bitcoin above $100k on expectations of friendlier crypto policies under Trump
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 is preparing to sign an executive order making cryptocurrency a national policy priority and granting industry leaders a significant role in shaping regulations, Bloomberg reported on Friday citing sources.
Notably, the order may create a national Bitcoin stockpile using the government’s $20 billion in confiscated Bitcoin holdings, the report stated.
Trump’s campaign promises, including the potential creation of a strategic 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.
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.
Crypto price today: most altcoins jump tracking Bitcoin, Litecoin surges 16%
In the broader cryptocurrency market, most altcoins jumped much more than Bitcoin, reflecting an increased risk-on sentiment.
World no.2 crypto gained 0.2% to $3,374.21.
World no.3 crypto jumped 8.7% to $3.0616.
climbed 5%, and rose 2.3%, while surged 7.7%. Among meme tokens, gained 2.7%.
surged 16% after rising more than 10% a day earlier, amid growing optimism over the possible approval of an LTC-focused exchange-traded fund (ETF).
The rally comes after Canary Capital amended its S-1 registration form with the SEC on January 15. Analysts view the amendment as a significant step toward engaging with regulators.
Such filings often suggest that feedback has been received from regulators, with the updates potentially offering insights into the review process.
If approved, the proposed ETF would make Litecoin the third cryptocurrency, alongside Bitcoin and , to secure a U.S.-approved spot ETF.
