Late Wednesday, bitcoin hit $100,000—a major milestone for the cryptocurrency, which has been experiencing a massive upswing since Donald Trump won the 2024 presidential election.

Trump is a shiny new crypto supporter, launching his own cryptocurrency on the campaign trail and hoping to woo crypto enthusiast voters by promising to slacken the Biden administration's heightened scrutiny of cryptocurrency.

According to CNN, bitcoin's latest record high came shortly after Trump announced his intentions to nominate Paul Atkins to lead the Securities and Exchange Commission (SEC) once Gary Gensler—a noted crypto critic—resigns on Inauguration Day.

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