Bitcoin is making headlines as it hovers near the $100,000 mark, trading around $96,000 in early Asian hours on Wednesday. This impressive rally—over 40% since Donald Trump’s November 5 election victory—has reignited enthusiasm across cryptocurrency markets, with speculators closely watching the president-elect’s next moves.

Trump’s administration is reportedly gearing up to reverse stringent regulatory actions imposed during Biden’s tenure. Pro-crypto candidate Paul Atkins is rumored to be a front-runner to replace Gary Gensler as SEC chair. Gensler’s tenure saw aggressive enforcement actions that disrupted the digital asset sector, leading to a major market downturn in 2022. With Trump at the helm, the focus may shift to fostering innovation and creating a more crypto-friendly regulatory environment.

Globally, the crypto market has surged by an astounding $1.3 trillion since Trump’s election, as reported by CoinGecko. Bitcoin came tantalizingly close to the $100,000 milestone on November 22, falling short by just $300 before a slight retreat. The rally mirrors the fervor of the pandemic era, signaling a resurgence of investor confidence in digital assets.

Despite this bullish momentum, geopolitical factors continue to influence market dynamics. In South Korea, Bitcoin prices fell sharply below $72,000 on local exchanges on Tuesday, triggered by political uncertainty. President Yoon Suk Yeol declared martial law in a dramatic move, only to rescind it hours later following parliamentary backlash. The episode highlighted the fragility of crypto markets in the face of sudden political events.

Trump’s pro-crypto stance is sparking further anticipation. His administration has hinted at initiatives like a potential Bitcoin reserve, though analysts remain skeptical about its feasibility. Jaret Seiberg, an analyst at TD Cowen, believes the concept may be more of a rhetorical flourish than a concrete policy objective. Nonetheless, Trump’s pledge to position the U.S. as a global crypto hub has energized the sector.

Meanwhile, institutional interest in crypto is growing. Wall Street is increasingly engaging with the market, reflecting a broader acceptance of digital assets as a legitimate investment class. As Trump’s transition team deliberates on key appointments and policy directions, the world watches closely, anticipating a transformative chapter for the crypto industry.