Investing.com– Bitcoin steadied on Friday, remaining within spitting distance of the coveted $100,000 level as optimism over friendlier U.S. regulations and increased interest from options trading boosted the crypto.
The world’s largest cryptocurrency hit a series of record highs this week, with a rally after Donald Trump’s election win showing few signs of easing.
added 0.2% to $97,568.0 by 09:03 ET (14:03 GMT). The coin hit a record high of $99,486.10 earlier in the session, and was up around 9% this week.
Bitcoin trading was also boosted by the launch of options tracking Blackrock’s iShares Bitcoin Trust (NASDAQ:) exchange-traded fund, with traders seen piling into call options on the crypto.
Bitcoin $100k milestone in sight
Bitcoin was within spitting distance of the coveted $100,000 level, after more than doubling in value so far in 2024.
Trump was the crypto’s biggest boost this year, given that he had vowed to introduce crypto-friendly regulation in his administration. Trump had promised to make America the “crypto capital of the planet” during his campaign, and had also floated the idea of a Bitcoin national reserve.
Media reports this week said Trump was considering a dedicated cabinet position for crypto regulation.
SEC Chair Gensler to resign, XRP rallies
Crypto markets were also enthused by Securities and Exchange Commission Chairman Gary Gensler stating he will step down after Trump takes office. Gensler said he will step down on January 20 next year.
Gensler had led a harsh crackdown on the crypto industry over the past two years, with the SEC still engaged in long-running suits against Coinbase (NASDAQ:) and over the nature of cryptocurrencies as securities.
, the token issued by Ripple, surged over 27% on Friday on the Gensler news.
Traders believe that Gensler’s successor will have a much more lax attitude towards enforcement action, especially under a Trump administration.
Trump had vowed to fire Gensler on “day one” of taking office.
Crypto price today: altcoins upbeat, set for strong week
Beyond Bitcoin, major altcoins also advanced on Friday, and were set for strong weekly gains amid persistent optimism over crypto.
World no.2 crypto slipped 1.5% to $3,296.57, and was trading up 6.1% this week.
rose 3.7%, while added 12%.
Among meme tokens, climbed 2% and was sitting on a 6% gain this week.
Bitcoin ETFs attract $1 billion in daily inflows
Bitcoin exchange-traded funds (ETFs) registered inflows of more than $1 billion Thursday, approaching record levels, as Bitcoin’s price edged close to the $100,000 mark amid heightened market volatility.
The surge in inflows follows the launch of options trading for BlackRock’s spot Bitcoin ETF on November 19, which came after the Securities and Exchange Commission (SEC) approved options trading for spot Bitcoin ETFs last month.
BlackRock’s iShares Bitcoin Trust (IBIT) led the way, attracting more than $608 million in fresh investments on November 21, according to Farside Investors data.
Fidelity’s Wise (LON:) Origin Bitcoin Fund (FBTC) also saw strong activity, bringing in over $301 million, while the Bitwise Bitcoin ETF (BITB) received $68 million in new inflows.
Ambar Warrick contributed to this report.
