Bitcoin (BTC-USD) surpassed $98,800 to touch a new record on Thursday after the Securities and Exchange Commission announced Chair Gary Gensler will s

Bitcoin jumps back above $98,000 after SEC announces Gary Gensler will step down

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2024-11-22 15:00:04

Bitcoin (BTC-USD) surpassed $98,800 to touch a new record on Thursday after the Securities and Exchange Commission announced Chair Gary Gensler will step down effective Jan. 20, the day Donald Trump is scheduled to be sworn into the White House.

The token had crossed the $98,000 threshold in early trading before paring gains as investors remained bullish on pro-crypto policies from the incoming Trump administration.

Bitcoin has soared roughly 40% since Trump's presidential victory earlier this month, hitting multiple milestones as investors eye targets of $100,000.

Reports of President-elect Donald Trump's transition team discussing the possibility of a first-ever role for crypto policy also sent the token higher over the past 24 hours.

Bitcoin has been a key component of the Trump trade, as Trump has promised to explore crypto-friendly initiatives, including the creation of a bitcoin national stockpile and the replacement of SEC Chair Gary Gensler.