Traders Happy As Bitcoins Hits $100,000 For First Time

Bitcoin for the very first time on Thursday hit $100,000 as traders cheered Donald Trump’s decision to pick a crypto fan to head the US securities regulator, reinforcing optimism the new president will push through measures to deregulate the sector.

The cryptocurrency soared through the mark, having enjoyed a blistering rally since the November 5 election of Trump, who pledged on the campaign trail to make the United States the “bitcoin and cryptocurrency capital of the world”.

The digital unit has jumped more than 50 percent since the tycoon’s victory — and around 140 percent since the turn of the year.

However, the unit’s advance — it hit a record of $103,800.44 before easing to just below $103,000 in the afternoon — had stalled in recent weeks, sitting just below $100,000 as traders awaited new catalysts to buy in.

That came with news that Trump has fingered major crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission.

Atkins, an SEC commissioner from 2002 to 2008, founded risk consultancy firm Patomak Global Partners in 2009, whose clients include companies in the banking, trading, and cryptocurrency industries.

An announcement from the Trump transition team noted that Atkins had been co-chairman of the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.

“Paul is a proven leader for common sense regulations,” Trump said in a statement that emphasized Atkins’ commitment to “robust, innovative” capital markets.

“He also recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before,” Trump added.