#TariffHODL Bitcoin is closing in on $100,000, supported by expectations of favorable US regulations and increased investor interest thanks to President-elect Donald Trump’s support for cryptocurrencies.

The largest cryptocurrency was trading up 1.2% at $99,353 at 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 US election on Nov. 5.

Among the latest developments in the wave of recent changes in the US is the intention of Securities and Exchange Commission Chairman Gary Gensler to step down on Jan. 20, the date Trump is due to be inaugurated.

Gensler’s tenure has been marked by a wave of measures that have pressured cryptocurrencies, and the sector 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.