Pakinomist– Bitcoin extended its rally for a third straight session on Thursday, hovering near the critical $100,000 level supported by broad market optimism following softer US inflation data.
rose 2.5% to $99,478.4 at 01:12 ET (0612 GMT).
The token has rallied strongly this week, rising to a session high of $100,499.8 on Wednesday, but gave away some of the gains later in the day.
Bitcoin returns near $100,000 ahead of Trump’s inauguration
In the run-up to President-elect Donald Trump’s inauguration on January 20, Bitcoin has seen a significant surge, recently hitting an all-time high of $108,244.
This upward trajectory is largely attributed to the expectation of crypto-friendly policies under the incoming administration.
Trump’s campaign promises, including the potential creation of a strategic national Bitcoin reserve and the appointment of cryptocurrency advocates to key regulatory positions, have bolstered investor confidence in the digital asset.
The appointment of Paul Atkins, a well-known crypto advocate, as the incoming chairman of the Securities and Exchange Commission (SEC) is particularly noteworthy.
Atkins is expected to implement a more accommodating regulatory framework for digital assets, in contrast to the strict policies of his predecessor.
Republican officials at the SEC are expected to begin overhauling the agency’s cryptocurrency policies, possibly as early as next week when Trump takes office, Reuters reported on Wednesday, citing sources familiar with the matter.
Several cryptocurrency analysts maintain a bullish view of Bitcoin’s price trajectory and predict significant growth this year.
Crypto price today: most altcoins bounce after soft US inflation
In the broader cryptocurrency market, most altcoins jumped much more than Bitcoin, reflecting heightened risk-on sentiment.
This comes after Wednesday’s US data, which showed inflation in December grew broadly in line with expectations, while softer than expected.
A softer inflation report led to broader upbeat sentiment, easing liquidity concerns.
World no. 2 crypto jumped 4.4% to $3,3371.25.
The world’s No.3 crypto rose 7.2% to $3.0616.
jumped 7.1% and rose 4.7%, while they rose 3.1%. Among meme tokens, it rose 4.4%.
