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.

President-elect Donald Trump’s pick of a crypto proponent to be the next head of the US securities regulator lifted Bitcoin to within a whisker of a record $100,000 as traders warmed to the prospect of relaxed regulations.

That’s made it the third-biggest crypto by total valuation, according to CoinMarketCap data. Bitcoin, the world’s largest token, is up about 27% over the same period. While investors believe that all digital assets will benefit from Trump slashing regulation,