Bitcoin continues to break records. Less than two weeks after the native cryptocurrency crossed the $80,000 mark for the first time, it has dipped below $100,000 and many expect it to cross the mark this week.
The unprecedented run, which has spread to the broader crypto markets, comes after Donald Trump’s election victory, and widespread expectations that he and a Republican Congress will usher in an era of favorable regulation for digital assets. Since election night, the industry’s market cap has grown by more than $1 trillion.
Adam McCarthy, research analyst at crypto data firm Caico said good luck He expects Bitcoin to cross $100,000 before the end of the year if investor interest continues.
“If that appetite continues, if the inflows we’ve seen in ETFs this year continue, it should structurally set things up for an interesting end to the year,” McCarthy said.
Bitcoin becoming a six-figure asset will signal to traders that it is a legitimate store of value that is not going away, he says.
“It’s just a huge milestone,” McCarthy said. “It’s as validating as it is just exciting.”
On Thursday, Bitcoin hit a new all-time high of $98,831, after Securities and Exchange Commission Chair Gary Gensler announced that he would step down when Trump takes office on January 20. will go
Gensler, who has been a key enforcer of the Biden administration’s aggressive anti-crypto stance, wrote on X, “I thank @POTUS for entrusting me with this incredible responsibility. The SEC has fulfilled our mission. What is and has enforced the law with fear or right.”
Gensler’s departure was widely cheered on social media by figures in the crypto industry, which has been hit with a wave of enforcement actions from the SEC. Those legal actions, including suits against industry giants Coinbase and Ripple, helped fuel a well-funded political campaign to elect crypto-friendly lawmakers.
Bitcoin’s move toward $100,000 also coincided with news that the Trump team is considering the creation of a White House role specifically dedicated to cryptocurrency policy. While it’s unclear what the role’s exact capacity will be, industry leaders are pushing for him to serve as a direct line to the president, Bloomberg News reports. This position will give the industry unprecedented influence over the laws that govern it.
