Bitcoin approaches $100,000 as market grows following U.S. elections

Bitcoin is nearing $100,000, a significant rise that has surprised some investors. The overall crypto market has grown from $2.5 trillion to $3.5 trillion since the recent U.S. elections, driven by political support and increased institutional interest. Key developments include the resignation of SEC Chairman Gary Gensler and the nomination of crypto supporter Howard Lutnick as Commerce Secretary. Major Bitcoin holder MicroStrategy has also increased its purchases, contributing to rising prices. Bitcoin has surged 350% since President Biden's election in 2020. This growth coincides with a favorable political climate for cryptocurrencies, as discussions about a potential U.S. Bitcoin Strategic Reserve gain traction.