Bitcoin prices have been rising this year and the cryptocurrency has reached the $100,000 price mark for the first time on Wednesday.
The price of the cryptocurrency jumped more than 5% in the last 24 hours.
The latest rally started with the election of Donald Trump as president, as he promised a better crypto-friendly regime than current president Joe Biden. On Wednesday, Trump nominated Paul Atkins, a crypto activist, as chairman of the Securities and Exchange Commission.
Under Biden, the Securities and Exchange Commission has taken legal action against crypto exchanges like Coinbase, saying that some crypto tokens traded on the platforms were actually unregistered securities. The crypto industry donated $245 million during the election cycle, according to CNBC.
Reuters reported that due to Trump’s pro-crypto stance, small businesses are shifting some of their investments from cash to crypto.
The price of Bitcoin has jumped almost 50% since the day of the election, and is more than 100% for the whole year.
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