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Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.

Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump’s sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.

It last traded at $100,027 as of 0240 GMT, up 2.2% on the previous session, after earlier rising as high as $100,277.

“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” said Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital.

“This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”

More than 16 years after its creation, bitcoin appears on the cusp of mainstream acceptance, despite naysayers and a history of controversies.

“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics,” said Justin D’Anethan, a Hong Kong-based independent crypto analyst.

“The figure not that long ago dismissed as fantasy, stands as a reality.”

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler, who said last week he wouldstep downin January when Trump takes office.

On Wednesday, Trump said he would nominate Paul Atkins to run the Securities and Exchange Commission. Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to “develop best practices for digital asset issuances and trading platforms,” and the Chamber of Digital Commerce.

A slew of crypto companies including Ripple, Kraken and Circle arejostlingfor a seat on Trump’s promised crypto advisory council, seeking a say in his planned overhaul of US policy, according to several digital asset industry executives.

Trump’s businesses may also have a stake in the sector.

He unveiled a new crypto business, World Liberty Financial, in September.

Although details about the business have been scarce, investors have taken his personal interest in the sector as a bullish signal.

Trump’s social media company is inadvanced talksto buy crypto trading firm Bakkt, the Financial Times reported last week, citing two people with knowledge of the talks.

Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, according to the FT report.

Billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.

Bitcoin’s rebound from a slide below $16,000 in late 2022 has been rapid, boosted by the approval of US-listed bitcoin exchange-traded funds in January this year.

The Securities and Exchange Commission had long attempted to block ETFs from investing in bitcoin, citing investor protection concerns, but the products have allowed more investors, including institutional investors, to gain exposure to bitcoin.

More than $4 billion has streamed into US-listed bitcoin exchange-traded funds since the election.

“We were trading basically sideways for about seven months, then immediately after November 5, US investors resumed buying hand-over-fist,” said Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund.

There was a strong debut for options on BlackRock’s ETF,in November with call options – bets on the price going up – substantially more popular than puts. McCann calculated the put to call ratio at about 22 to one.

Crypto-related stocks have soared along with the bitcoin price, with shares in bitcoin miner MARA Holdings,up around 65% in November.

Yet the rise is not without critics.

Two years ago, the industry was wracked by scandal with the collapse of the FTX crypto exchange and the jailing of its founder Sam Bankman-Fried.

The cryptocurrency industry also has been criticized for its massive energy usage, while crypto crime remains a concern, too.

Market participants are keeping a close eye on what happens now that bitcoin has broken above $100,000, with investors and speculators possibly looking to pocket some of their recent gains.

“But once we flush out those sell orders, this could go higher still, and very rapidly,” said Steven McClurg, founder of Canary Capital, a digital assets investment firm.

He said he expects bitcoin’s price to hit $120,000 by Christmas.

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Entertainment

Disgraced singer Gary Glitter to stay in jail as parole bid refused

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Disgraced singer Gary Glitter to stay in jail as parole bid refused

Gary Glitter will stay in prison after the Parole Board refused the disgraced singer’s bid to be released.

Glitter, 81, was recalled to jail less than six weeks after he was released halfway through his 16-year sentence in 2023 for breaching his licence conditions by allegedly viewing downloaded images of children.

He was sentenced to 16 years imprisonment in 2015 after being found guilty of sexually assaulting three schoolgirls between 1975 and 1980.

The Parole Board last year said it was “not satisfied that release at this point would be safe for the protection of the public” after a hearing held behind closed doors.

Pic: PA
Image:
Glitter was jailed in 2015 Pic: PA

A spokesman on Tuesday said his release was refused again following a “paper review”.

“Parole Board decisions are solely focused on what risk a prisoner could represent to the public if released and whether that risk is manageable in the community,” a statement said.

“A panel will carefully examine a huge range of evidence, including details of the original crime, and any evidence of behaviour change, as well as explore the harm done and impact the crime has had on the victims.

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“Parole reviews are undertaken thoroughly and with extreme care. Protecting the public is our number one priority.”

Glitter, whose real name is Paul Gadd, will be eligible for a further review at a date set by the Ministry of Justice. His sentence expires in February 2031.

He was made bankrupt earlier this year after failing to pay more than £500,000 in damages to a woman who sued him for abusing her when she was 12 years old.

Richard Scorer, head of abuse law and public inquiries at Slater and Gordon, who represented the woman, told Sky News the Parole Board has made “the right decision”.

He added: “My client is relieved at this ruling but apprehensive about having to go through the merry-go-round of Gadd coming up for parole again, and the fear of him being let out on licence.

“This is unfair on victims and it would be better if they were assured that he would serve the rest of his sentence.”

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Man jailed for murdering two women on Christmas Day
Ex-lawyer ‘fears revenge over gang boss murder claim’

Glitter was first jailed for four months in 1999 after he admitted possessing around 4,000 indecent images of children.

He was expelled from Cambodia in 2002, and in March 2006 was convicted of sexually abusing two girls, aged 10 and 11, in Vietnam, where he spent two-and-a-half years in prison.

Glitter was automatically released from HMP The Verne, a low-security prison in Portland, Dorset, in February 2023 after serving half of his fixed-term determinate sentence.

But he was back behind bars weeks later after reportedly trying to access the dark web and images of children.

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Bosses of Octopus Energy and SSE clash over ‘postcode pricing’ proposals

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Bosses of Octopus Energy and SSE clash over 'postcode pricing' proposals

The head of Britain’s biggest energy supplier has claimed his competitors oppose proposals for so-called postcode pricing because they financially benefit from the current system.

Octopus Energy chief executive Greg Jackson told Sky News his business’s rivals were against customers being charged based on where they lived, rather than on a national basis, because they would lose out on profits.

He said: “A very small number of companies that today get paid tens of millions, sometimes in a single day, to turn off wind farms and generate gas elsewhere, don’t like it.

“The reason you’re seeing that kind of behaviour from the rivals is they are benefiting from the current system that’s generating incredible profitability.”

The government is currently considering whether to introduce the policy, which is also known as zonal pricing. Energy secretary Ed Miliband is expected to make a decision on the proposals by this summer.

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Octopus has become Britain’s biggest supplier with more than seven million customers.

Mr Jackson has been a vocal proponent, as he said he wants to charge customers less and boost government electrification policies by having cheaper electricity costs.

What is postcode pricing?


Business reporter Sarah Taafe-Maguire

Sarah Taaffe-Maguire

Business and economics reporter

@taaffems

Zonal pricing would mean electricity bills are based on what region you live in.

Some parts of Britain, like northern Scotland, are home to huge energy producers in the form of offshore wind farms.

But rather than feeding electricity to local homes and businesses, power goes into a nationwide auction and is bought to go across Britain.

As the energy grid is still wired for the old coal-producing sites rather than the modern renewable generators, it’s not straightforward to get electricity from where it’s increasingly produced to the places people live and work.

That leads to traffic jams on the grid, blocking paid-for electricity moving to where it’s needed and a system where producers can be paid a second time, to power down, and other suppliers, often gas plants, are paid to meet the shortfall.

Zonal pricing is designed to prevent paying the generators for power that can’t be used.

It would mean those in Scotland have lower wholesale energy costs while those in the south, where there is less renewable energy production, would have higher wholesale costs.

Whether bills go up or down depends on implementation.

Savings from one region could be spread across Britain, lowering bills across the board.

Mr Miliband has said he’s not going to decide to raise prices.

However, SSE’s chief executive Alistair Phillips-Davies described the policy as a “distraction” and said it could affect already agreed-upon upgrades of the national grid that will lower costs.

“I think you’ve got a very, very small number of people who are asking for this. It’s just a distraction. We should remove it now,” he said.

While Octopus Energy estimates that said postcode pricing could be introduced in two to four years, Mr Phillips-Davies said it could take until 2032 before it was implemented, by which time Britain would have “built much of the networks that are required to get the energy from these places down into the homes and businesses that actually need it”.

“We just need to stay true to the course,” he added.

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Unions, as well as industry and energy representatives, have also spoken out against the policy. Opponents include eco-tycoon Dale Vince and trade body UK Steel.

A joint letter signed by SSE, UK Steel, Ceramics UK and British Glass, along with the unions GMB, Unite and Unison, said zonal pricing could lead to scaled-back investment due to uncertainty and higher bills.

A separate letter signed by 55 investors, including Centrica and the Ontario Teachers’ Pension Plan, has also criticised the policy.

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Businesses facing fresh energy cost threat

However, Mr Jackson said many investors had not voiced opposition, with thousands of small and medium businesses instead backing the policy in the hope of paying less on energy bills.

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Politics

The crypto fund domicile decision: EU or the UK?

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The crypto fund domicile decision: EU or the UK?

The crypto fund domicile decision: EU or the UK?

As the EU’s MiCA regulation and the UK’s evolving crypto laws diverge, fund managers face a key choice: to opt for the EU’s legal certainty and passporting or the UK’s flexible, innovation-driven approach.

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