03:43 AM EST, 12/05/2024 (MT Newswires) -- Bitcoin breached the $100,000 threshold late Wednesday in the wake of President-elect Donald Trump's announcement of his choice of Paul Atkins to be the next chair of the US Securities and Exchange Commission.

The biggest cryptocurrency by market cap was at one point trading at $101,811.

Atkins, a former SEC commissioner during the presidency of George W. Bush, is expected to bring a lighter regulatory approach to the crypto industry.

Two years ago, bitcoin sat below $17,000 following the collapse of crypto exchange FTX. It tipped $69,374 on Election Day last month.