Investing.com– The rose on Friday and remained within sight of recent record highs as expectations of friendly policies under President-elect Donald Trump kept cryptocurrency prices high.
The world's largest cryptocurrency has suffered profit-taking over the past week after failing to reach the coveted $100,000 level. But bitcoin's losses were also limited by optimism over Mr. Trump's picks for key regulatory posts, which portend less scrutiny of the industry.
rose 0.9% to $96,338.6 at 00:55 ET (05:55 GMT), remaining close to a record high of more than $99,000 reached earlier in November. The cryptocurrency was also sitting on significant gains in November, having risen nearly 40% since Trump's victory.
Trump craze puts bitcoin on track for a bumper November
Bitcoin was poised for its best month since February following Trump's victory. The president-elect had pledged to make America the crypto capital of the world and also raised the possibility of a strategic bitcoin reserve.
Trump's picks for Treasury Secretary and Commerce Secretary have heightened expectations for favorable regulation, given that Scott Bessent and Howard Lutnick have both expressed support for digital markets.
Trump considered nominating Paul Atkins to head the Securities and Exchange Commission. Mr. Atkins is a former SEC commissioner who has openly taken a pro-cryptocurrency stance. He could also replace current Speaker Gary Gensler, who has said he will resign in January, when Mr. Trump takes office.
Gary Gensler's resignation also brought support to crypto markets, given that he has led a sweeping crackdown on the industry over the past two years.
Additionally, reports indicate that Mr. Trump may eventually transfer regulatory oversight of cryptocurrencies to the Commodity Futures Trading Commission (CFTC) instead of the SEC.
The CFTC, which deals with commodity and derivatives trading, is expected to exercise less strict oversight over cryptocurrencies than the SEC.
Cryptocurrency Prices Today: Altcoins Bullish, Preparing for a Strong November
Cryptocurrency prices were mostly positive on Friday, and are poised for significant gains in November following Trump's victory.
The world's second-largest token was down 0.7% at $3,569.0, but was sitting on a nearly 42% gain this month.
was by far the best-performing major altcoin in November, rising more than 200% on the prospect of a leadership change at the SEC. The agency filed a long-running lawsuit against the XRP issuer.
also rose more than 200% in November, while and rose 40% and 77%, respectively.
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