PakGazette– Bitcoin extended its rally for the third consecutive session on Thursday, settling near the critical $100,000 level, boosted by widespread market optimism following weak U.S. inflation data.
rose 2.5% to $99,478.4 at 01:12 CET (06:12 GMT).
The token has rebounded sharply this week, hitting a session high of $100,499.8 on Wednesday, but gave back some of the gains later in the day.
Bitcoin returns close to $100,000 before Trump’s inauguration
In the lead-up to President-elect Donald Trump’s inauguration on January 20, Bitcoin has seen a significant rise, recently reaching a record high of $108,244.
This upward trajectory is largely attributed to the anticipation of cryptocurrency-friendly policies under the incoming administration.
Trump’s campaign promises, including the possible creation of a strategic national reserve of Bitcoin and the appointment of cryptocurrency advocates to key regulatory positions, have bolstered investor confidence in the digital asset.
The appointment of Paul Atkins, a well-known cryptocurrency advocate, as a potential chairman of the Securities and Exchange Commission (SEC) is particularly noteworthy.
Atkins is expected to implement a more flexible regulatory framework for digital assets, in contrast to the strict policies of his predecessor.
Republican officials at the SEC are expected to begin reviewing the agency’s cryptocurrency policies, possibly as early as next week, when Trump takes office, Reuters reported on Wednesday, citing sources familiar with the matter.
Several cryptocurrency analysts maintain a bullish outlook on Bitcoin’s price trajectory and predict significant growth this year.
Crypto Price Today: Most Altcoins Jump After Mild US Inflation
In the broader cryptocurrency market, most altcoins rose much more than Bitcoin, reflecting greater risk sentiment.
This comes after US data on Wednesday, which showed inflation in December rose largely in line with expectations, although it was softer than expected.
A weaker inflation report led to more optimistic sentiment, easing liquidity concerns.
The world’s No. 2 cryptocurrency jumped 4.4% to $3,3371.25.
The world’s No. 3 cryptocurrency rose 7.2% to $3.0616.
jumped 7.1% and rose 4.7%, while it rose 3.1%. Among meme tokens, they gained 4.4%.
