Bitcoin, the world’s largest cryptocurrency, is approaching a milestone that only the most bullish of analysts predicted to see in 2024.
The digital currency flew above $99,400 overnight, coming within a whisker of $100,000 for the first time in history.
Bitcoin bulls came just short of securing the landmark price point after some traders cashed out their profits.
At the time of writing, the BTC/USD pair was swapping for $98,780.
Bitcoin has been on a rip since president-elect Donald Trump’s victory in early November, when he promised to usher in a raft of pro-crypto policies.
Trump’s pro-bitcoin approach has already borne fruit with the announcement that Gary Gensler, currency chair of market regulator the Securities and Exchange Commission (SEC), has tendered his resignation.
Genlser, who Democrat President Joe Biden appointed in April 2021, has faced intense animosity from president-elect Donald Trump, who vowed to replace him when he takes office in January.
During his time as SEC head, Gensler has launched numerous high-profile securities proceedings against major crypto platforms including Ripple Labs, Binance and even Nasdaq-listed Coinbase Global Inc (NASDAQ:COIN).
Gensler’s resignation, coupled with buoyant exchange-traded fund inflows and new option trading products on BalckRock’s iShares Bitcoin Trust ETF (IBIT), has encouraged substantial bitcoin buying support.
The BTC/USD pair is currently up 47% in the past month and 134% year to date.
Bitcoin’s year-to-date performance – Source: tradingview.com