Bitcoin has experienced a surge in value, approaching the $100,000 mark. It reached a peak of $97,361 before settling at $96,400 during early Asian trading.

This increase in price is believed to be a result of the emergence of candidates who are supportive of cryptocurrencies and are likely to lead important US regulatory bodies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission. Investors are optimistic about the potential changes in regulations that these candidates may bring, which is contributing to the positive sentiment in the cryptocurrency market.

This recent price movement is the most significant increase for Bitcoin in over two weeks, indicating a growing confidence in the market due to shifting political dynamics.