Prices of Bitcoin, the biggest cryptocurrency, crossed the mark of $1,00,000 on Thursday, December 5, days after hovering around these levels. The cryptocurrency has staged a strong upmove since Donald Trump’s return to the White House.

Over the last month, Bitcoin prices are up 47%.

US President-elect Donald Trump has vowed to appoint crypto-friendly regulators and create a national strategic stockpile of Bitcoin. He is also considering creating the first-ever White House position related to the cryptocurrency market.

Trump selected Paul Atkins to replace outgoing Securities & Exchange Commission Chair Gary Gensler, who cracked down on digital assets after a 2022 market rout exposed fraudulent practices and sparked costly blowups.

Speculators also digested comments from Russian President Vladimir Putin, who said at an economic forum in Moscow that nobody can prohibit the use of Bitcoin and other virtual currencies.

It’s an open question whether these events can help the original cryptocurrency imminently break above “the wall of selling” ahead of $1,00,000, IG Australia Pty Market Analyst Tony Sycamore wrote in a note.

Bitcoin prices are up 137% so far this year, following the 157% surge that the cryptocurrency saw in 2023.

(With Inputs From Agencies.)