Bitcoin (BTC-USD) Surpasses $98,800, Touches New Record After SEC Chair Gary Gensler Announces Resignation

Bitcoin (BTC-USD) surpassed $98,800 to touch a new record on Thursday after the Securities and Exchange Commission announced Chair Gary Gensler will step down effective Jan. 20

Bitcoin (BTC-USD) price hit a new record on Thursday after the Securities and Exchange Commission announced Chair Gary Gensler will step down effective Jan. 20, the day Donald Trump is scheduled to be sworn into the White House.

The world's largest cryptocurrency rose to as high as $98,820 on the CoinBase exchange, notching another milestone in a historic rally that began last year and saw bitcoin prices soar more than eight-fold in 2023.

Bitcoin prices later pared some gains to trade around $98,200 at last check. But the token remained on track to hit multiple milestones as investors eye targets of $100,000.

Reports of President-elect Donald Trump's transition team discussing the possibility of a first-ever role for crypto policy also sent the token higher over the past 24 hours.

Among the candidates being considered for the role is Galaxy Digital (GLXY.TO, BRPHF) CEO Mike Novogratz, who told Yahoo Finance on Wednesday that whomever Trump chooses to head the SEC will be positive for bitcoin given the "overall pro-crypto attitude" of the president-elect's team.

Trump administration officials are also said to have held talks with Intercontinental Exchange (ICE.N) over a deal to sell crypto exchange Binance.

Meanwhile, reports emerged on Wednesday that Trump's son, Donald Trump Jr. (DJT) , is in advanced talks to acquire crypto trading company Bakkt (BKKT), a tie-up that could further encourage initiatives within the sector.

bitcoin ETF saw massive inflows in recent weeks

Yahoo Finance's David Hollerith reported earlier this week, BlackRock’s spot bitcoin ETF (IBIT) saw its assets rise by $13 billion in the wake of Trump's presidential win, according to Yahoo Finance data. This pushed assets in the iShares Bitcoin Trust past $40 billion just 10 months after its launch.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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