Bitcoin Breaks $101K as Trump Inauguration Nears

Image Credit: Reuters

Bitcoin surged past the $100,000 mark on Friday, hitting a new record of $108,244, as expectations grew for crypto-friendly policies under the incoming Trump administration. 

The rally was fueled by anticipation of President-elect Trump’s inauguration on January 20 and the prospect of an executive order prioritizing cryptocurrency policy. Sources reported that the order could create a national Bitcoin stockpile, utilizing the government’s $20 billion in confiscated Bitcoin assets. Trump’s campaign promises, including creating a strategic reserve and appointing crypto supporters to key regulatory roles, have increased investor confidence in digital assets.

Notably, Trump is expected to appoint Paul Atkins, a crypto advocate, as the head of the SEC, with Republican officials at the agency likely to review crypto regulations soon after Trump takes office.

In the wider cryptocurrency market, most altcoins saw significant gains, with Ether rising 0.2% to $3,374.21. XRP jumped 8.7%, Solana climbed 5%, and Polygon gained 2.3%. Cardano surged 7.7%, while Dogecoin rose by 2.7%. Litecoin experienced a notable 16% surge, fueled by optimism over a potential Litecoin-focused exchange-traded fund (ETF).

The recent filing amendment by Canary Capital with the SEC on January 15 was seen as a step closer to regulatory approval, potentially making Litecoin the third cryptocurrency to secure a U.S.-approved spot ETF, alongside Bitcoin and Ethereum.

Paraphrasing text from "Investing.com" all rights reserved by the original author.