Bitcoin Surges Past $100K Amid Optimism for Crypto Policies Under Trump
As the inauguration of President-elect Donald Trump approaches on January 20, Bitcoin has reached a new all-time high of $108,244, driven by expectations of a crypto-friendly administration.
The rise is linked to speculation about an executive order that could prioritize cryptocurrency as a national policy focus and involve industry leaders in shaping regulations. Reports also suggest the potential creation of a national Bitcoin reserve using $20 billion in confiscated Bitcoin holdings.
Trump’s campaign promises, such as establishing a strategic reserve and appointing cryptocurrency advocates to key regulatory roles, have boosted investor confidence. Notably, Paul Atkins, a known supporter of crypto, is expected to be appointed as chair of the Securities and Exchange Commission (SEC), with Republican officials likely to initiate revisions to cryptocurrency regulations shortly after Trump takes office.
Broader Cryptocurrency Market Trends
The wider cryptocurrency market has seen strong performance, with most altcoins outpacing Bitcoin in gains.
- Ether increased 0.2% to $3,374.21.
- XRP surged 8.7% to $3.0616.
- Solana climbed 5%, Polygon rose 2.3%, and Cardano jumped 7.7%.
- Meme token Dogecoin gained 2.7%.
Litecoin was a standout performer, surging 16% following a 10% increase the previous day. This rally comes amid optimism about a potential approval for a Litecoin-focused exchange-traded fund (ETF), as Canary Capital recently amended its S-1 registration form with the SEC.
Such updates are often seen as signs of progress in regulatory engagement, and if approved, the ETF would make Litecoin the third cryptocurrency to achieve U.S.-approved spot ETF status, joining Bitcoin and Ethereum.
