Bitcoin costs have been on an upward development this yr, reaching the $100,000 worth level for the primary time on Wednesday.

The value of the cryptocurrency has elevated by greater than 5% up to now 24 hours.

The most recent rally started after Donald Trump was elected president after promising a extra crypto-friendly administration than present President Joe Biden. On Wednesday, President Trump chosen crypto advocate Paul Atkins to go the Securities and Trade Fee (SEC).

Beneath the Biden administration, the SEC took authorized motion in opposition to crypto exchanges like Coinbase, claiming that a number of the crypto tokens bought by way of their platforms have been really unregistered securities. . In accordance with CNBC, the crypto business donated $245 million in the course of the election interval.

Reuters reported that President Trump's pro-cryptocurrency stance has led small and medium-sized companies to shift a few of their investments from money to digital currencies.

Bitcoin costs are up about 50% since election day and greater than 100% for the yr as a complete.