Bitcoin tops $100,000 for the first time. Here's what's driving gains.

After a two-week flirtation with the six-figure mark, bitcoin has surged past $100,000 for the first time on the thinking that the incoming administration will be friendlier toward — and relax regulations on — cryptocurrencies. 

The milestone came late Wednesday after President-elect Donald Trump nominated Paul Atkins to head the the Securities and Exchange Commission. Atkins runs Patomak Global Partners, a financial services advisory group that works with crypto industry clients. Atkins is also an adviser to the Chamber of Digital Commerce, a crypto advocacy group.

The pick is a marked turn from outgoing SEC Chair Gary Gensler, who cracked down on digital assets following a 2022 market rout that unveiled fraudulent practices and resulted in expensive blowups, including the sudden collapse of crypto exchange FTX, followed by crypto lenders Genesis and Celsius.