Nov 22 2024: Bitcoin surged on Friday, approaching the highly anticipated $100,000 mark amid optimism over favorable U.S. crypto regulations and a spike in options trading interest.
The world’s largest cryptocurrency climbed 1.9% to $98,870.4 by 01:17 ET (06:17 GMT), reaching a record high of $99,289.3 earlier in the session. It has gained 9.1% this week, fueled by post-election momentum following Donald Trump’s victory.
The launch of options tied to Blackrock’s iShares Bitcoin Trust (NASDAQ:IBIT) ETF further boosted trading activity, with traders heavily favoring call options on the cryptocurrency.
Bitcoin $100K Milestone Within Reach
Bitcoin has more than doubled in value in 2024, with Trump’s crypto-friendly policies playing a significant role. The president-elect has pledged to establish America as the “crypto capital of the planet” and proposed creating a national Bitcoin reserve.
Reports indicate Trump is considering appointing a cabinet member dedicated to cryptocurrency regulation, adding to investor optimism.
SEC Chair Gensler to Resign, XRP Surges
Market sentiment received another boost as SEC Chairman Gary Gensler announced plans to resign on January 20, coinciding with Trump’s inauguration. Gensler, known for his stringent crypto enforcement, had pursued high-profile cases against Ripple and Coinbase.
XRP, Ripple’s native token, soared 27% on the news, with traders anticipating more lenient regulation under a Trump administration. Trump had vowed to dismiss Gensler immediately upon taking office.
Crypto Prices Today: Altcoins Rally
The bullish sentiment extended to altcoins, which posted substantial gains on Friday.
- Ether (ETH): Up 8.2% to $3,365.18, marking a 7.5% weekly gain.
- Solana (SOL): Jumped nearly 9%.
- Cardano (ADA): Rose 13.2%.
- Polygon (MATIC): Added 6.1%.
- Dogecoin (DOGE): Increased 2.6%, contributing to an 8.3% weekly rise.
Bitcoin’s rally, combined with altcoin strength, signals sustained investor confidence in a more crypto-friendly regulatory environment.
