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Bitcoin prices soared past $100,000 for the first time on Wednesday, continuing their record-breaking climb following President-elect Donald Trump’s victory and speculation about a crypto czar in his administration.
The cryptocurrency rose from $69,121 before Election Day to $74,445 on Nov. 6, the day after. Bitcoin surpassed $80,000 on Nov. 10 and $88,000 the next day, trading above $92,800 by Nov. 13 before a slight dip.
The crypto surge has boosted related ETFs, including the 2X Bitcoin Strategy ETF, Grayscale Bitcoin Trust, Hashdex Bitcoin, and ProShares Bitcoin, all of which have delivered triple-digit returns this year, per VettaFi. Bitcoin’s rise accelerated after Trump’s election victory over Vice President Kamala Harris, driven by investor optimism about his pro-crypto regulatory stance.
On Truth Social, Trump said “Congratulations Bitcoiners!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!.”
At a summer conference, Trump vowed to make the U.S. the “crypto capital of the planet” and the “bitcoin superpower of the world.” He also promised to create a crypto advisory board. His incoming administration plans to expand the Commodity Futures Trading Commission’s authority to oversee a substantial portion of the $3 trillion digital asset market.
“With adequate funding and under the right leadership, I think the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump’s presidency,” said former CFTC Chairman Chris Giancarlo.
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