$BNB Source:

Bloomberg

Bitcoin edged closer to $100,000, buoyed by expectations of favorable U.S. regulations and growing investor interest thanks to President-elect Donald Trump’s support for cryptocurrencies.

The largest cryptocurrency was trading up 1.2% at $99,353 as of 3:55 p.m. Friday in New York after hitting a record high of $99,700. The cryptocurrency market as a whole has added about $1 trillion since Donald Trump won the U.S. election on Nov. 5.

Among the latest developments in the wave of changes in the U.S. is the announcement that Securities and Exchange Commission Chairman Gary Gensler will step down on Jan. 20, the date Trump is set to be inaugurated.

Gensler’s tenure has been marked by a wave of measures that have pressured cryptocurrencies, and the industry is now anticipating their demise under Trump.

Trump’s transition team has begun discussions about whether to create a new White House position dedicated to cryptocurrency policy. The crypto industry is looking to establish a direct line to the president-elect, who has now become a major supporter of the sector.