Investing.com — Bitcoin breached the coveted $100,000 level on Thursday amid growing optimism about friendly regulation under President-elect Donald Trump, but the Federal Reserve's Chairman Jerome Powell also likened cryptocurrencies to gold.
In Asian time, the stock rose 5.9% to a record high of $101,438.9. The $100,000 level is considered psychologically important for Bitcoin and could signal further strength for the cryptocurrency.
The world's biggest cryptocurrency rally came after President Trump selected Paul Atkins to head the U.S. Securities and Exchange Commission. Atkins is a former SEC commissioner and a major cryptocurrency supporter.
Traders welcomed Atkins' nomination, as he will replace incumbent SEC Chairman Gary Gensler. Gensler has led a high-profile crackdown on cryptocurrencies over the past two years.
Bitcoin also rose on comments from Federal Reserve Chairman Jerome Powell comparing the cryptocurrency to gold rather than a substitute for the dollar. Powell called cryptocurrencies a means of speculation.
Bitcoin is up about 140% so far in 2024, with most of that increase occurring in November after President Trump's election victory. The president-elect had vowed to make the United States the “crypto capital” of the world and promised to enact crypto-friendly regulations.
