The price of Bitcoin crossed the $100,000 mark for the first time after the announcement of Paul Atkins' appointment as chairman of the US Securities and Exchange Commission (SEC) on Thursday.

Atkins is considered to be much more supportive of cryptocurrencies than the current head of the SEC, Gary Gensler, and has argued in the past for looser regulation of financial markets, including cryptocurrencies.

In contrast, Gensler is renowned for his regulatory position, often describing the crypto market as ‘the Wild West’ and emphasising the need for stricter financial regulations.

The Bitcoin price rise also comes after US president-elect Donald Trump recently declared his intention to adopt a friendlier approach to cryptocurrency.

In July at the Bitcoin 2024 conference in Nashville, Trump announced that if he was elected president he would adopt less stringent crypto related policies.

At the time, he expressed his vision to create a supportive environment for crypto investments, promising to make the US “the crypto capital of the planet.”

The move represents a significant U-turn for the president-elect, who in 2021 called Bitcoin a “scam”.

The milestone was anticipated by charts, memes and online predictions that circulated on social media. Millions tuned into online watch parties as the price hovered near $100,000, with the milestone sparking celebrations from cryptocurrency fans around the world.

According to cryptocurrency live analyst CoinGecko, the current estimated value of the global cryptocurrency market is approximately $3.83 trillion.

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