It happened after trading hours on Wall Street, but bitcoin trades 24/7 around the world.
Bitcoin traded above $100,000 for the first time late Wednesday, powered by a wave of investors betting that President-elect Donald Trump will turn U.S. government policy into an engine of growth for crypto.
The world’s largest digital currency has staged an extraordinary rally since Election Day, surging more than 40% in just four weeks and setting one record after another. It surged as high as $103,853 after Trump picked a crypto-friendly former regulator, Paul Atkins, to lead the Securities and Exchange Commission. During the campaign, Trump dropped his earlier skepticism of bitcoin and promised to “end Joe Biden’s war on crypto.”
In return, crypto has embraced the new U.S. administration—a striking reversal from its early years as a cypherpunk rebellion against the establishment. No longer an outsider to political power, crypto is newly ascendant in Washington. Its march toward the mainstream has enriched a youthful cohort of digital-currency tycoons and swelled the value of the asset class to more than $3 trillion.
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