Bitcoin jumps back above $98,000 after the SEC announces that Gary Gensler will step down.

Bitcoin (Bitcoin-dollarIt surpassed $98,800 to touch a new record on Thursday after the Securities and Exchange Commission announced its chairman, Gary Gensler. He will step down As of January 20, the day Donald Trump is scheduled to be sworn into the White House.

The token crossed the $98,000 threshold in early trading before paring gains as investors remained optimistic about pro-crypto policies from the incoming Trump administration.

Bitcoin has risen nearly 40% since Trump won the presidency earlier this month, reaching $1.3 billion. Multiple landmarks As investors look to targets of $100,000.

Reports From President-elect Donald Trump’s transition team discussing the possibility of a first-ever role in cryptocurrency policy also sent the token soaring in the past 24 hours.

Bitcoin has been a key component of Trump’s trade, with Trump promising to explore cryptocurrency-friendly initiatives, including creating a national bitcoin stockpile and replacing SEC Chairman Gary Gensler.

Read more: Bitcoin Sets Another Record: Is This a Good Time to Invest?

Digital asset company Galaxy Digital (GLXY.TO, BRPHF) CEO Mike Novogratz told Yahoo Finance on Wednesday that whoever Trump picks to head the SEC would be positive for bitcoin given the “general pro-crypto stance” of the president-elect’s team.

“All the people around the table love our space. They believe in the world of digital assets. They believe in blockchain and Bitcoin, so the whole energy of this administration will be very different from the era of Elizabeth Warren and Gary Gensler.” Novogratz said.

Bitcoin’s bullish move this week also comes on the heels of a Financial Times report that Trump’s media and technology group (DJT) In advanced conversations To acquire cryptocurrency trading company Bakkt (BKKT), an interconnection that can encourage initiatives within this sector.

Meanwhile, spot Bitcoin ETFs also saw spot trading Huge flows In recent weeks.

like Yahoo Finance’s David Hollerith reported earlier this weekBlackRock’s Bitcoin Spot ETF (Ebit) saw its assets rise by $13 billion in the wake of Trump’s presidential win, according to Yahoo Finance data. This pushed assets in the iShares Bitcoin Trust to over $40 billion just 10 months after its launch.

Options linked to IBIT also began trading on the Nasdaq on Tuesday, driving additional trading activity into the cryptocurrency space.

Ines Ferry is Yahoo Finance’s chief business correspondent. Follow her on X in @ines_ferre.

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