bullish at $96,000 with Trump policies in focus By Investing.com

Investing.com – Bitcoin rose on Friday, staying within sight of recent record highs, as expectations of friendly policies under President-elect Donald Trump supported cryptocurrency prices.

The world’s largest cryptocurrency suffered some profit-taking last week after failing to reach the coveted $100,000 mark. But Bitcoin’s losses were also limited by optimism over Trump’s picks for key regulatory roles, suggesting less scrutiny of the industry.

rose 0.9% to $96,338.6 at 00:55 ET (05:55 GMT), remaining near a record high above $99,000 reached in early November. The cryptocurrency also posted strong gains in November, having risen nearly 40% since Trump’s victory.

Trump hype sets Bitcoin up for a bright November

After Trump’s election victory, Bitcoin had its best month since February. The president-elect had vowed to make America the crypto capital of the world and had also held out the prospect of a strategic Bitcoin reserve.

Expectations of friendly regulation have been bolstered by Trump’s picks for treasury secretary and commerce secretary, as both Scott Bessent and Howard Lutnick have expressed support for digital markets.

Trump was observed to be considering Paul Atkins as head of the Securities and Exchange Commission. Atkins is a former SEC commissioner who has openly taken a pro-crypto stance. He may also replace current Chairman Gary Gensler, who said he will step down in January when Trump takes office.

Gensler’s resignation also helped crypto markets as he led a sweeping crackdown on the industry over the past two years.

Additionally, reports say Trump may shift cryptocurrency oversight from the SEC to the Commodity Futures Trading Commission.

The CFTC, which oversees commodities trading and derivatives, is expected to monitor cryptocurrencies less closely than the SEC.

Crypto price today: Altcoins on the rise, November expected to be strong

Broader crypto prices were mostly positive on Friday and are expected to rise significantly in November on the back of Trump’s election victory.

The world’s second-largest token fell 0.7% to $3,569.0 but is up nearly 42% this month.

was by far the best-performing major altcoin in November, rising more than 200% on the prospect of a leadership change at the SEC. The agency has a long-standing lawsuit against the XRP issuer.

also traded over 200% in November, while and gained 40% and 77%, respectively.

Meme tokens saw trading surge 150% in November.