Fri Nov 22 15:40:00 UTC 2024: ## Bitcoin Surges Towards $100,000 on Hopes of Trump-Era Regulatory Relief
**NEW YORK** – Bitcoin’s price is rapidly approaching $100,000, fueled by optimism surrounding a potential shift in US cryptocurrency regulation under the incoming Trump administration. The cryptocurrency has more than doubled in value this year, with a significant jump following the election.
Industry insiders attribute the surge to expectations of a more favorable regulatory environment. Key figures like outgoing SEC Chair Gary Gensler and FDIC Chair Martin Gruenberg, viewed as less crypto-friendly, are stepping down, while Coinbase CEO Brian Armstrong has reportedly met with President-elect Trump to discuss regulatory appointments.
The sentiment among crypto lobbyists is a desire for “clear rules” that simplify the process of buying and holding cryptocurrencies. Galaxy Digital CEO Mike Novogratz highlighted the current regulatory hurdles, citing increased audit costs and banking difficulties for crypto firms. He anticipates a significant change under the new administration, anticipating a more supportive approach from Trump and his appointees.
While the price action suggests strong demand, some analysts caution against the current momentum. Novogratz acknowledged the potential for a market correction, stating that the current one-way price movement is unsustainable. However, the prevailing narrative is one of bullish sentiment, with the rising price itself serving as a catalyst for further gains. The anticipation of regulatory changes, combined with the inherent momentum of the market, has already driven significant price increases, regardless of whether the anticipated regulatory shifts fully materialize.
First Piper 