Stock Track | Bit Digital Soars 5.01% as Bitcoin Nears $100,000 on Crypto-Friendly Regulatory Outlook

Stock Track11-23 02:06

Bit Digital, Inc., a cryptocurrency mining company, saw its stock price surge 5.01% on Friday as Bitcoin flirted with the $100,000 milestone, buoyed by expectations of friendly US regulations and expanding investor interest under the incoming Trump administration.

Bitcoin, the world's largest cryptocurrency, traded at $97,822 as of 9:37 a.m. ET, after earlier hitting a record $99,368. The crypto market as a whole has gained about $1 trillion since Donald Trump's election win on November 5.

The positive sentiment surrounding Bitcoin and cryptocurrencies was fueled by several factors, including the upcoming departure of SEC Chair Gary Gensler, whose tenure was marked by a flurry of crypto enforcement actions expected to peter out under the new administration. Additionally, Trump's transition team has begun discussions on creating a White House post dedicated to digital asset policy, signaling the president-elect's support for the crypto industry.

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