By George Glover
Bitcoin hit yet another record on Friday following Gary Gensler's decision to resign as chair of the Securities and Exchange Commission.
The world's largest token climbed as high as $99,518 in early trading, before retreating slightly. It'd have to rise just 0.5% from that level for its price to pass six figures for the first time ever.
Bitcoin has reached a record high for five sessions in a row. powered higher by the expectation that President-elect Donald Trump will slash crypto regulation as well as heavy buying from MicroStrategy, the largest holder of the token.
Bulls got more good news on the regulation front Thursday when Gensler -- widely seen as a digital-asset hawk -- said he'd resign on inauguration day. Trump promised on the campaign trail that he would replace the SEC chief, who's cracked down on several crypto companies during his time running the regulator.
Gensler quitting "could pave the way for a friendlier stance on crypto," Hargreaves Lansdown analyst Matt Britzman said earlier this week. "The Bitcoin and crypto debate will wage on, but as the market grows and regulation looks like a realistic near-term outcome, it's becoming harder for investors to look the other way."
Crypto-related stocks looked set to trade mixed at the end of the week. MicroStrategy shares fell 2.6% in the premarket, having plummeted Thursday after a short seller said Michael Saylor's company looked overvalued. Online trading platform Robinhood Markets rose 0.5%, but crypto exchange Coinbase Global slid 0.4%.
Write to George Glover at george.glover@dowjones.com
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(END) Dow Jones Newswires
November 22, 2024 05:30 ET (10:30 GMT)
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