Bitcoin approaches $100,000 mark on US policy expectations

The world’s largest cryptocurrency was trading between $98,000 and $99,000 late on Friday afternoon in the U.S., after hitting $99,073. Bitcoin has more than doubled in value this year and is up about 40% in the two weeks since Trump was elected, along with a slew of pro-crypto lawmakers elected to Congress.

During his election campaign, Mr. Trump supported digital assets, pledging to make the US the “cryptocurrency hub of the world” and establish a national bitcoin reserve.

In September, Mr. Trump also announced a new cryptocurrency project called World Liberty Financial. Although details about the project were scarce, investors viewed his personal interest in the sector as a positive sign.

Billionaire Elon Musk, a key ally of Mr Trump, is also a cryptocurrency advocate.

Meanwhile, cryptocurrency-related stocks have surged along with bitcoin prices. Bitcoin mining company MARA Holdings’ stock price rose nearly 6.85% to $24.18 in the November 21 session.

However, this rally has not been without criticism.

Two years ago, the industry was rocked by the scandal-ridden collapse of cryptocurrency exchange FTX and the legal incarceration of its founder Sam Bankman-Fried.

The cryptocurrency industry has also come under criticism for its energy consumption, with mining operations coming under scrutiny due to their potential impact on the power grid and greenhouse gas emissions.

Cryptocurrency crime remains a concern, too. An analysis by cryptocurrency researchers Chainalysis found that at least $24.2 billion worth of cryptocurrency was sent to illicit wallet addresses last year, including addresses identified as sanctioned or linked to terrorist financing and fraud.

A wallet address is a unique identifier that allows you to send and receive cryptocurrency. Each cryptocurrency has a different wallet address format and it is important to use the correct address for the desired cryptocurrency.