Bitcoin came close to reaching the significant milestone of $100,000, driven by optimism surrounding potential favorable regulations in the United States.

The largest cryptocurrency reached a high of $99,000 on Thursday and traded at $98,550 in Singapore on Friday morning. This surge in value comes amid a broader market rally, which has seen the crypto sector gain approximately $1 trillion since the election of President-elect Donald Trump on November 5.

Recent developments indicate a shift in the regulatory landscape, particularly with the anticipated departure of Securities and Exchange Commission Chair Gary Gensler on January 20, coinciding with Trump's inauguration. Gensler's leadership was characterized by numerous enforcement actions against the crypto industry, which many expect will diminish under the new administration, potentially fostering a more favorable environment for digital assets.