Bitcoin advanced toward US$100 000 again on signs that crypto-friendly candidates will likely shape US financial rules under Donald Trump.
The digital asset rose the most in more than two weeks on Wednesday, hitting US$97 361 at one point. It was trading at about US$96 400 early in Asia on Thursday.
Crypto supporters emerged as the leading candidates to run the Securities and Exchange Commission and the Commodity Futures Trading Commission, aiding sentiment.
The president-elect has vowed to undo a crackdown on digital assets imposed by the Biden administration and instead foster industry growth.
Trump’s Republican Party affiliation and his transition team’s discussions about creating the first White House post dedicated to digital-asset policy are also stoking optimism in the crypto community.
On Wall Street, there are growing indications of more willingness to engage with the nascent market.
Bitcoin came within US$300 of the landmark US$100 000 mark on November 22 before shedding about US$9 000 over the subsequent four days. Crypto adherents view the six-figure number as a validation of contested claims that Bitcoin is a modern-day store of value and a hedge against inflation risk.
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