Bitcoin (BTC-USD) rose back above $98,000 and traded near record highs reached earlier on Thursday after the Securities and Exchange Commission announced that Chairman Gary Gensler will resign effective January 20, the day Donald Trump is scheduled to be sworn in at the White House.
The token had surpassed $98,300 in early trading before paring gains as investors remained optimistic about the new Trump administration’s pro-crypto policies.
Bitcoin is up about 40% since the November 5 presidential election and has hit multiple milestones as investors eye $100,000 targets.
Reports from newly-elected President Donald Trump’s transition team discussing the possibility of a first-ever role for crypto policy also pushed the token higher in the past 24 hours.
Bitcoin has been a key part of the Trump trade, as Trump has promised to explore crypto-friendly initiatives, including the creation of a national bitcoin stockpile and the replacement of Securities and Exchange Commissioner Gary Gensler.
Read more: Bitcoin breaks another record: is this a good time to invest?
Mike Novogratz, CEO of digital asset firm Galaxy Digital (GLXY.TO, BRPHF), told Yahoo Finance on Wednesday that whoever Trump chooses to lead the SEC will be positive for bitcoin, given the company’s “general pro-crypto stance.” team of the president-elect.
“All the guys around the table love our space. They believe in the world of digital assets. They believe in blockchains and bitcoin, and so the whole energy of this administration is going to be so different from the era of Elizabeth Warren and Gary Gensler.” Novogratz said.
Bitcoin’s rise this week also comes on the heels of a report from the Financial Times stating that Trump Media & Technology Group (DJT) is in advanced talks to acquire crypto trading firm Bakkt (BKKT), a partnership that could further initiatives encourage. within the sector.
Meanwhile, bitcoin spot ETFs have also seen massive inflows in recent weeks.
As Yahoo Finance’s David Hollerith reported earlier this week, BlackRock’s spot bitcoin ETF (IBIT) saw its assets increase by $13 billion in the wake of Trump’s presidential victory, according to Yahoo Finance data. This pushed the assets in the iShares Bitcoin Trust above $40 billion just 10 months after launch.
Options linked to IBIT also began trading on the Nasdaq on Tuesday, pushing additional trading activity into the crypto space.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X @ines_ferre.
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