Investing.com-- Bitcoin rose on Friday and remained in sight of recent record highs as expectations of friendly policy under President-elect Donald Trump kept cryptocurrency prices underpinned.
The world’s largest crypto was hit with some profit-taking in the past week after failing to reach the coveted $100,000 level. But losses in Bitcoin were also limited by optimism over Trump’s picks for key regulatory roles, which portend less scrutiny against the industry.
Bitcoin rose 0.9% to $96,338.6 by 00:55 ET (05:55 GMT), remaining close to a record high of over $99,000 hit earlier in November. The crypto was also sitting on strong gains through November, having rallied nearly 40% since Trump’s victory.
Trump hype puts Bitcoin on course for stellar November
Bitcoin was set for its best month since February following Trump’s victory. The President-elect had vowed to make America the crypto capital of the world, and had also floated the prospect of a Bitcoin strategic reserve.
Expectations of friendly regulation were furthered by Trump’s picks for Treasury Secretary and Secretary of Commerce, given that both Scott Bessent and Howard Lutnick have voiced support for digital markets.
Trump was seen considering Paul Atkins to lead the Securities and Exchange Commission. Atkins is a former SEC Commissioner who has openly presented a pro-crypto stance. He will also potentially replace current Chair Gary Gensler, who said he will resign in January as Trump takes office.
Gensler’s resignation also provided support to crypto markets, given that he led a sweeping crackdown against the industry over the past two years.
Additionally, reports said Trump could potentially shift regulatory oversight of crypto to the Commodity Futures Trading Commission from the SEC.
The CFTC- which handles commodity trading and derivatives, is expected to hold a less strict watch over crypto than the SEC.
Crypto price today: altcoins upbeat, set for strong Nov
Broader crypto prices were mostly positive on Friday, and were set for stellar gains in November on Trump’s election win.
World no.2 token Ether fell 0.7% to $3,569.0, but was sitting on a nearly 42% gain this month.
XRP was by far the best-performing major altcoin in November, up more than 200% on the prospect of leadership change at the SEC. The agency has a long-running lawsuit against XRP issuer Ripple.
Cardano was also trading up over 200% in November, while Solana and Polygon were up 40% and 77%, respectively.
Among meme tokens, Dogecoin was trading up 150% for November.