Bitcoin Reaches New Heights Amid Speculation Of Pro-Crypto Policies From Trump

Bitcoin (BTC) hit a new record above $98,800 on Thursday after news broke that SEC Chair Gary Gensler would step down on January 20, coinciding with Donald Trump’s inauguration.

The cryptocurrency briefly surpassed the $98,000 mark before pulling back slightly, as investors remain optimistic about pro-crypto policies from the incoming Trump administration.

Bitcoin has surged about 40% since Trump’s presidential victory earlier this month, with investors targeting $100,000. Reports that Trump’s transition team is considering creating a crypto policy role have further fueled the rally. Trump has expressed interest in pro-crypto initiatives, including creating a national bitcoin stockpile and replacing Gensler.

Mike Novogratz, CEO of Galaxy Digital, shared optimism about the incoming SEC leadership under Trump, praising the pro-crypto stance of the president-elect’s team. Meanwhile, the potential acquisition of crypto trading company Bakkt by Trump Media & Technology Group and the rise of bitcoin spot ETFs, including BlackRock’s IBIT, have further driven interest in the digital asset market.

Clever Robot News Desk 22^nd November 2024