Bitcoin surges to near record high of $96K on positive outlook for Trump policies

From Investing.com

November 29, 2024 01:30 AM:

Bitcoin surged on Friday, staying near record highs due to expectations of favorable policies under President-elect Donald Trump. The crypto faced profit-taking but was buoyed by optimism surrounding Trump’s regulatory appointees. Bitcoin rose 0.9% to $96,338.6, nearing its all-time high of $99,000 in November.

Trump’s promises have led to Bitcoin’s stellar November, with the crypto set for its best month since February. Trump aims to make America a crypto hub and floated the idea of a Bitcoin strategic reserve. His picks for regulatory roles, like Treasury Secretary and Secretary of Commerce, signal a crypto-friendly approach.

Trump’s consideration of pro-crypto Paul Atkins to lead the SEC has further boosted the crypto market. Atkins may replace current Chair Gary Gensler, who led a tough crackdown on the industry. Reports suggest Trump may transfer crypto oversight to the CFTC from the SEC, potentially leading to less stringent regulation.

Altcoins are also performing well in November, with the second-largest token, Ethereum, up nearly 42% at $3,569.0. Ripple has seen over a 200% surge, while Litecoin, Polkadot, and Cardano have also posted significant gains. Dogecoin is up 150% in November, reflecting the positive sentiment across the crypto market.

Read more at Investing.com: upbeat at $96K with Trump policies in focus By Investing.com