Bitcoin approaches $100,000, breaks all-time high

The world’s biggest cryptocurrency Bitcoin (BTC) reached a new all-time high of over $98,340 earlier today.

Market data shows that Bitcoin is trading at $97,480 at the time of writing after gaining 3.4% over the last 24 hours and 7% over the previous seven days. Bitcoin’s market caps stands at $1.927 trillion.

Bitcoin and the broader cryptocurrency market have not stopped rallying ever since Republican candidate Donald Trump won the United States presidential elections. The only hiccup so far has been a correction down to $87,000 from its previous all-time high of 93,200.

Most analysts see Trump as a significant boon for the United States and the global cryptocurrency industry. He is likely to lead the nation in the adoption of crypto-friendly regulation and to place pro-cryptocurrency officials in the Securities and Exchange Commission (SEC). The president-elect is also expected to appoint a crypto-friendly official to take Gensler’s place during his presidency.

This follows SEC chairman Gary Gensler, who is leading the regulator on what many in the crypto industry perceive as a crusade against them. This perception recently led Republican state attorney generals and a crypto advocacy group to file a lawsuit against the SEC and its commissioners.

The lawsuit asks for putting a halt on the regulator from further enforcement actions, claiming that “the SEC’s ‘crypto policy’ is ‘unlawful executive action’” that violated the Administrative Procedures Act. Furthermore, Trump will be the first U.S. president involved with the crypto industry.

Trump will also be the first United States president who is personally involved in a crypto project. Last month Trump announced the sale of World Liberty Financial (WLF), serving as the utility token to his family’s decentralized finance (DeFi) platform. The initiative aims to create an instance of the Aave (AAVE) DeFi protocol on the Ethereum (ETH) platform.

The enthusiasm is felt deep in the market. The Crypto Fear & Greed Index — a multifactorial measure of crypto market sentiment — shows a score of 82, indicating that “extreme greed” has gripped the crypto market. The website suggests that a correction is likely: “When Investors are getting too greedy, that means the market is due for a correction.”

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