Trump’s Crypto Policies Push Bitcoin to $99,500 and Will Hit $100,000 in Less Than 24 Hours

Bitcoin Nears $100,000 as Optimism Surrounds Trump's Crypto Policies

Bitcoin, the world’s top cryptocurrency, is on an impressive upward trajectory, showing signs of breaking new ground.

On Friday, the 14-year-old digital token surged to a record-breaking $99,502.92, just shy of the $100,000 milestone by less than $500.

It has been steadily climbing, maintaining an upward trend despite occasional small dips along the way.

At this pace, Bitcoin is set to break the $100,000 mark today.

This surge, attributed to optimism surrounding President-elect Donald Trump’s potential crypto-friendly administration, marks a 48% increase since the US election results were announced on 5 November.

The crypto market as a whole has also shown substantial growth, with its total market capitalisation reaching $3.3 trillion.

Bitcoin alone accounts for $1.97 trillion of this, despite its market dominance dipping below 60% due to a stronger performance from altcoins like Ethereum and XRP.

Trump’s U-Turn on Cryptocurrency

Donald Trump, who once dismissed Bitcoin as a “scam,” has drastically altered his stance, accepting crypto donations during his campaign and pledging to make the United States the "crypto capital of the planet."

He even hinted at establishing a national Bitcoin reserve, a move that many in the crypto community see as a game-changer.

The Trump family’s entry into the crypto industry through their business, World Liberty Financial, has further buoyed investor confidence.

The company’s plans remain largely undisclosed, but its mere existence is being interpreted as a strong endorsement of digital assets by the incoming administration.

Earlier this week, reports revealed that Trump Media and Technology Group, the company behind Trump's social media platform Truth Social, is in "advanced" discussions to acquire Bakkt, a cryptocurrency exchange.

The all-stock deal, valued at $155 million, would further cement Trump Media's growing involvement in the crypto space.

SEC Shake-Up Fuels Market Optimism

The impending resignation of SEC Chairman Gary Gensler, a figure unpopular with crypto investors due to his stringent enforcement actions, has added to the market's buoyancy.

While Trump previously vowed to dismiss Gensler, the SEC Chairman’s decision to step down voluntarily in January 2024 has been seen as a victory for the crypto sector.

Gary Gensler is stepping down as the chairman of SEC.

Sumit Gupta, Co-founder of CoinDCX, explained,

“Digital assets have already benefited from the incoming administration of President Trump, with many anticipating that his potential second term could bring more favourable regulatory policies for the crypto sector.”

Trading Volumes and Institutional Interest Surge

Bitcoin's impressive climb has been driven by a 9% increase in trading volumes, with $95.84 billion worth of BTC exchanged within 24 hours.

This surge comes amid rising interest from institutions, as demonstrated by the state of Texas proposing a Bitcoin reserve and Chinese courts recognising Bitcoin as legal property.

WazirX’s Market Desk highlighted this shift, stating,

“The increased institutional appetite is insatiable… the geopolitical significance [of Bitcoin] is highlighted for it.”

Altcoins Gain Ground Amid Bitcoin's Rally

While Bitcoin captures headlines, other cryptocurrencies are experiencing significant gains.

In the past 24 hours, Ethereum and Solana have risen by over 7%, while XRP saw a dramatic near 24% surge.

Dogecoin, Cardano, and Shiba Inu have also posted notable increases.

Edul Patel, CEO of Mudrex, remarked on this trend, saying,

“Despite the rally, Bitcoin’s market dominance has dipped, signalling growing strength in altcoins like Ethereum, Doge, Solana, and XRP.”

Currently, Bitcoin is on the brink of breaking through the crucial resistance just below $100,000.

With the ongoing bullish momentum in the crypto market, the six-figure milestone could be reached at any moment today.