Bitcoin surpasses $100,000 mark for first time

The world’s largest cryptocurrency Bitcoin has broken through the $100,000 barrier for the first time, reaching a historic high amid expectations that US President-elect Donald Trump will implement cryptocurrency-friendly policies.

The milestone came shortly after Trump announced his intention to nominate former Securities and Exchange Commission (SEC) commissioner Paul Atkins to lead the Wall Street regulator.

Atkins is widely viewed as more supportive of cryptocurrency than current SEC chair Gary Gensler.

The breakthrough sparked celebrations amongst cryptocurrency enthusiasts globally.

Bitcoin’s price movements have historically garnered significant attention, with supporters expressing enthusiasm during peaks and resolve during downturns.

This particular milestone had been eagerly anticipated, with social media awash with charts, memes and predictions about when the cryptocurrency would reach what many consider a crucial threshold.

Online watch parties drew millions of viewers as the price approached $100,000.

Bitcoin’s value serves as a key indicator of sentiment in the cryptocurrency industry, which is now valued at $3.3 trillion, according to analysis firm Coin Market Cap.

The latest surge followed Trump’s election victory last month.

The president-elect has pledged to transform the US into “the crypto capital of the planet”—a significant shift from his 2021 stance when he dismissed Bitcoin as a “scam”.

The scale of Bitcoin’s appreciation has been remarkable, with the $100,000 valuation representing a 40 per cent increase since US election day and more than double its price at the start of the year.