Bitcoin Nears $100,000 as Trump Election Win Fuels Rally, SEC Chair Gensler to Resign

Bitcoin rose on Friday and was within spitting distance of the coveted $100,000 level as optimism over friendlier U.S. regulations and increased interest

Bitcoin price rose on Friday and came within touching distance of the closely-watched $100,000 level as optimism over friendlier U.S. regulations and brisk interest in options trading lifted the crypto.

The world's largest cryptocurrency hit a series of record highs this week, continuing a rally that showed little sign of abating after Donald Trump's election victory.

Bitcoin rose 1.9% to $98,870.4 by 01:17 ET (06:17 GMT). Earlier in the session, the coin hit a record high of 99,289.3, and was up 9.1% for the week.

Bitcoin trading was also boosted by the launch of options tracking Blackrock's iShares Bitcoin Trust (NASDAQ:IBIT) exchange-traded fund, with traders seen buying call options on the crypto.

Bitcoin $100k milestone in sight

Bitcoin came within spitting distance of the coveted $100,000 level, after more than doubling in value so far in 2024.

Trump was the crypto's biggest boost this year, having pledged to introduce crypto-friendly regulation in his administration. During his campaign, Trump promised to make the U.S. the "crypto capital of the planet," and also floated the idea of a Bitcoin national reserve.

This week, Trump was reported to be considering a dedicated cabinet position for crypto regulation.

SEC Chair Gensler to resign, XRP rallies

Also boosting crypto markets, Securities and Exchange Commission Chairman Gary Gensler said he will step down after Trump takes office. Gensler said he will leave his post on January 20 next year.

Gensler led a heavy-handed clampdown on the crypto industry over the past two years, with the SEC still engaged in long-running suits against Coinbase (NASDAQ:COIN) and Ripple over the classification of cryptocurrencies as securities.

XRP, the token issued by Ripple, soared as much as 27% on Friday following the Gensler news.

Traders are betting that Gensler's successor will take a much lighter touch on enforcement action, particularly in the context of a Trump administration.

Trump pledged to fire Gensler on "day one" of taking office.

Crypto price today: altcoins upbeat, set for strong week

Beyond Bitcoin, major altcoins also advanced on Friday and were set for strong weekly gains in a climate of unabated optimism over crypto.

World no.2 crypto Ether rose 8.2% to $3,365.18, and was trading up 7.5% for the week.

Solana (CRYPTO:SOL) rose nearly 9%, while Cardano (CRYPTO:ADA) and Polygon (CRYPTO:MATIC) added 13.2% and 6.1%, respectively.

Among meme tokens, Dogecoin (CRYPTO:DOGE) rose 2.6% and was