Bitcoin Jumps Back Above $98,000 After SEC Announces Gary Gensler Will Resign

Bitcoin (BTC USD) surpassed $98,800 to hit a new record on Thursday after Securities and Exchange Commission Chairman Gary Gensler announced will resign From January 20, the day Donald Trump is scheduled to be sworn into the White House.

The token had crossed the $98,000 threshold in early trading before paring gains as investors remained optimistic about the incoming Trump administration’s pro-crypto policies.

Bitcoin has risen about 40% since Trump’s presidential victory earlier this month several milestones while investors pursue goals of $100,000.

Reports from newly-elected President Donald Trump’s transition team discussing the possibility of a very first role for crypto policy, also caused the token to rise in the past 24 hours.

Bitcoin has been a key part of the Trump trade, as Trump has promised to explore crypto-friendly initiatives, including the creation of a national bitcoin stockpile and the replacement of SEC Chairman Gary Gensler.

Read more: Bitcoin breaks another record: is this a good time to invest?

Digital asset firm Galaxy Digital (GLXY.TO, BRPHFCEO Mike Novogratz told Yahoo Finance on Wednesday that whoever Trump chooses to lead the SEC will be positive for Bitcoin, given the “general pro-crypto stance” of the president-elect’s team.

“All the guys around the table love our space. They believe in the world of digital assets. They believe in blockchains and bitcoin, and so the whole energy of this administration is going to be so different from the era of Elizabeth Warren and Gary Gensler.” Novogratz said.

Bitcoin’s rise this week also comes on the heels of a report from the Financial Times stating that Trump Media & Technology Group (DJT) is in advanced discussions to acquire crypto trading company Bakkt (BKKT), a connection that could further stimulate initiatives within the sector.

Meanwhile, bitcoin spot ETFs have also seen gains huge influx the past few weeks.

If David Hollerith of Yahoo Finance reported this earlier this weekBlackRock’s spot bitcoin ETF (IBIT) saw its assets increase by $13 billion in the wake of Trump’s presidential victory, according to data from Yahoo Finance. This pushed the assets in the iShares Bitcoin Trust above $40 billion just 10 months after launch.

Options tied to IBIT also began trading on the Nasdaq on Tuesday, pushing additional trading activity into the crypto space.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X @ines_ferre.

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