Investing.com– Bitcoin rose on Friday and was within striking distance of the coveted $100,000 level, as optimism over friendlier U.S. regulations and increased interest in options trading boosted the cryptocurrency.
The world's largest cryptocurrency hit a series of all-time highs this week, and the rally following Donald Trump's election victory shows few signs of easing.
rose 1.9% to $98,870.4 at 01:17 CET (06:17 GMT). The coin hit a record high of 99,289.3 early in the session and is up 9.1% this week.
Bitcoin trading was also boosted by the launch of options tracking Blackrock's iShares Bitcoin Trust (NASDAQ:) exchange-traded fund, and traders were seen accumulating call options on the cryptocurrency.
The $100,000 Bitcoin milestone in sight
Bitcoin was within striking distance of the coveted $100,000 level, after doubling in value so far in 2024.
Trump was the biggest boost for cryptocurrencies this year, as he had promised to introduce crypto-friendly regulation in his administration. Trump had promised to make the United States the “crypto capital of the planet” during his campaign and had also floated the idea of a national Bitcoin reserve.
Media reports this week said Trump was considering a Cabinet position dedicated to cryptocurrency regulation.
SEC Chairman Gensler to Resign, XRP Rebounds
Crypto markets were also excited when Securities and Exchange Commission Chairman Gary Gensler stated that he will resign after Trump takes office. Gensler said he will leave office on January 20 of next year.
Gensler had led a harsh crackdown on the cryptocurrency industry for the past two years, and the SEC was still involved in long-running lawsuits against Coinbase (NASDAQ 🙂 and over the nature of cryptocurrencies as securities.
The token issued by Ripple, rose more than 27% on Friday following the news from Gensler.
Traders believe Gensler's successor will have a much more lax attitude toward compliance measures, especially under the Trump administration.
Trump had promised to fire Gensler on the “first day” of taking office.
Crypto Price Today: Bullish Altcoins Ready for Strong Week
Beyond Bitcoin, major altcoins also advanced on Friday and were headed for strong weekly gains amid persistent optimism about cryptocurrencies.
The world's No. 2 cryptocurrency rose 8.2% to $3,365.18 and was trading up 7.5% this week.
rose almost 9%, while and added 13.2% and 6.1%, respectively.
Among meme tokens, they are up 2.6% and posted an 8.3% gain this week.
