Bitcoin hits $100,000 for first time

Bitcoin broke the $100,000 mark for the first time Thursday on hopes US president-elect Donald Trump will push through measures to deregulate cryptocurrencies when he takes office next month.

The cryptocurrency hit $100,010 in early Asian trade, having enjoyed a blistering rally since the November 5 election of Trump, who pledged on the campaign trail to make the United States the “bitcoin and cryptocurrency capital of the world”.
The digital unit has advanced more than 50 percent since the tycoon’s poll win — and around 134 percent since the turn of the year, AFP reports.

However, the unit’s advance stalled in recent weeks, sitting just below $100,000 as traders awaited new catalysts to buy in.

That seemed to come with news that Trump has fingered major crypto proponent Paul Atkins to take over as chair of the Securities & Exchange Commission.

Atkins, an SEC commissioner from 2002 to 2008, founded risk consultancy firm Patomak Global Partners in 2009, whose clients include companies in the banking, trading and cryptocurrency industries.

An announcement from the Trump transition team noted that Atkins had been co-chairman of the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.

“Paul is a proven leader for common sense regulations,” Trump said in a statement that emphasised Atkins’ commitment to “robust, innovative” capital markets.

“He also recognises that digital assets and other innovations are crucial to Making America Greater than Ever Before,” Trump added.

He would replace Gary Gensler, who led a crackdown on the sector after a 2022 market rout.