Bitcoin surpasses USD 100,000 as the massive rally spurred by Trump's election victory continues

The achievement comes just hours after the President-elect chose Paul Atkins to be the new chair of the Securities and Exchange Commission

Bitcoin has surpassed the USD 100,000 milestone as a big rally in the world's most popular cryptocurrency continues to surge following Donald Trump's election, AP reported.

The achievement comes just hours after the President-elect chose Paul Atkins to be the new chair of the Securities and Exchange Commission, indicating a more relaxed regulatory approach to the cryptocurrency business.

Trump announced on Wednesday that he wants to nominate Atkins, a former SEC commissioner under George W. Bush's presidency. In the years after leaving the agency, Atkins has spoken against excessive market regulation, AP cited.

Bitcoin has skyrocketed since Donald Trump won the election on November 5.

As per AP, the cryptocurrency has risen drastically, from $69,374 on Election Day to USD 101,512 on Wednesday, barely two years after falling below $17,000 following the collapse of crypto exchange FTX.

BREAKING:
Bitcoin tops $100,000 for the 1st time as massive rally rolls on after Trump picks crypto advocate to lead the SEC. https://t.co/WUjhSPuoIU

— The Associated Press (@AP) December 5, 2024

It's unclear how long bitcoin will remain above the coveted USD 100,000 mark. The future, like everything else in the volatile cryptoverse, cannot be predicted. While some analysts are optimistic about potential gains, others continue to warn about investment hazards, AP reported.

Cryptocurrency investment fraud: 20 booked by Thane Police for duping investors of Rs 26 lakh

The police booked 20 persons for allegedly cheating investors of Rs 26 lakh in a cryptocurrency investment fraud in Maharashtra's Thane district, an official said on Monday, the PTI reported.

The accused promised monthly returns 12-15 times on the initial investment in a cryptocurrency scheme to lure potential investors between May 2022 and March 2024, he said.

"They lured people by meeting them and also contacting them over the phone, and assured lucrative returns on their investment in cryptocurrencies," the official said, PTI cited.

The victims were left high and dry as the accused stopped answering their calls and never returned the investment, he added.

Nobody has been arrested so far, said a Thane Nagar police station official, the news agency reported.

Among the investors are a 41-year-old mobile repair technician and others, an official said.

(With AP and PTI inputs)

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!