Bitcoin Surges Past $100,000 Amid Anticipation of Crypto-Friendly Policies

Bitcoin Breaks $100,000 Milestone

Bitcoin recently soared past the $100,000 mark, fueled by expectations of supportive cryptocurrency policies under the incoming Trump administration. As of early Friday, Bitcoin reached $101,372, continuing its upward trend to a record $108,244. The surge is driven by anticipation of policies that may prioritize cryptocurrency as a national focus.

Policy Changes Under Trump Administration

The Trump administration is reportedly preparing to sign an executive order to make cryptocurrency a national policy priority. This move is expected to involve key industry leaders in shaping new regulations. Additionally, the potential creation of a national Bitcoin reserve from $20 billion in confiscated holdings is under consideration. These initiatives align with Trump's campaign promises to bolster the crypto market.

SEC Leadership and Regulatory Revisions

The appointment of Paul Atkins, a known advocate for cryptocurrencies, as the prospective chair of the Securities and Exchange Commission (SEC) is noteworthy. This change in leadership is likely to influence the agency's stance on cryptocurrency policies. Republican officials at the SEC are anticipated to begin revising existing regulations shortly after Trump takes office.

Broader Cryptocurrency Market Rally

The optimism surrounding Bitcoin has extended to the broader cryptocurrency market. Altcoins have experienced significant gains, reflecting a robust risk-on sentiment among investors. Notable increases include Ether's slight rise and XRP's 8.7% jump. Solana, Polygon, and Cardano have also seen substantial growth.

Litecoin's Remarkable Surge

Litecoin has experienced a remarkable surge, gaining 16% amid growing optimism for a potential exchange-traded fund (ETF) approval. Canary Capital's recent amendment to its SEC registration form is viewed as a positive step toward regulatory engagement, suggesting progress in the ETF approval process. If approved, Litecoin would join Bitcoin and Ethereum in securing a U.S.-approved spot ETF.

This overall positive sentiment underscores the market's anticipation of favorable regulatory changes and increased mainstream acceptance of cryptocurrencies.