Bitcoin hits $100K after Trump picks pro-crypto SEC head

Bitcoin ( BTC-USD ) surged to the long-sought $100K mark on Thursday, as the largest crypto by market cap resumed its rally with President-elect Donald Trump's selection of Paul Atkins to head the Securities and Exchange Commission. In his announcement of the nomination, Trump wrote that Atkins "recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before," providing assurance that the new SEC head will reverse Gary Gensler's hard-line stance against cryptocurrencies. The highest-profile token ( BTC-USD ) climbed to $102.5K at 6:37 AM ET. Since Nov. 6, when Trump was voted in as the next U.S. president, BTC has jumped 48%, underscoring investors’ optimism about Trump’s commitment to a favorable crypto environment. Ethereum ( ETH-USD ) climbed 5.9%, dogecoin ( DOGE-USD ) gained 7.3%, solana ( SOL-USD ) rose 1.6%, cardano ( ADA-USD ) increased 0.4%. With bitcoin ( BTC-USD ) dominating headlines, crypto-focused stocks, such as MicroStrategy ( NASDAQ: MSTR ) +6.7%, Coinbase Global ( NASDAQ: COIN ) +3.4%, MARA ( NASDAQ: MARA ) +5.4%, Riot Platforms ( NASDAQ: RIOT )+4.6%, all changed hands in the green during premarket trading in the U.S. In addition to optimism over Trump’s crypto plans, bitcoin’s ( BTC-USD ) meteoric rise has been backed by two catalysts: MicroStrategy’s ( MSTR ) aggressive BTC-buying program and the market debut of options tied to the iShares Bitcoin Trust ETF ( NASDAQ: IBIT ). SA Editor Max Gottlich contributed to this article. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on Bitcoin USD Bitcoin's Appreciation Will Benefit The U.S. Government VanEck Mid-November Bitcoin ChainCheck Bitcoin's Rocket Ride To Near $100,000, More To Come? As bitcoin flirts with $100K, see what some SA Analysts are saying Galaxy CEO: There will be a correction in Bitcoin, but $100k is ‘inevitable’