Bitcoin came close to reaching the $100,000 mark after it was announced that a pro-cryptocurrency advocate would be the next head of the U.S. Securities and Exchange Commission.
The leading digital asset experienced a rise of over 3%, reaching $99,226 at one point during U.S. trading on Wednesday, before settling at $98,451 in early Asian markets on Thursday.
The broader cryptocurrency market has also seen a significant increase, gaining approximately $1.4 trillion since Trump's election victory on November 5. Traders are optimistic about potential regulatory relaxations due to Trump's support for cryptocurrency.