Bitcoin (BTC) reached an all-time high above $100,000 earlier this week as a number of tailwinds fueled a post-U.S.-election rally in the world’s largest cryptocurrency, Citi (C) said in a research report on Thursday.

“The nomination of digital asset-friendly Paul Atkins to chair the SEC provided the final boost,” that saw bitcoin break through $100,000 to record highs, analysts led by Alex Saunders wrote.

The cryptocurrency was trading around $98,500 at the time of publication.

Bitcoin continues to be bolstered by exchange-traded fund (ETF) flows and other buying as adoption grows, the bank noted.

The macro environment is also constructive for digital assets. Loose financial conditions and resilient growth are positive for crypto tokens, Citi said.

“Other digital assets likely have more to gain from a more permissive regulatory environment,” the authors wrote, noting that bitcoin’s dominance has fallen.

Citi said it hasn’t seen a notable rise in on-chain activity.

Over the longer term, the bank said a network’s utility or value will be linked to its usage, macro correlations and production costs.

A new, more benign regulatory system could unlock more and wider use cases for blockchain assets, the report added.

More permissive crypto policies should broaden the asset class, Citi said, but bitcoin, which has already been classified as a commodity, and has both a spot ETF and a futures contract, has less to gain than other tokens.

Read more: Bitcoin Crashed Below $94K in Sudden Plunge From record Perch Around $100K

JPMorgan Chase, Wells Fargo, Bank of America and Citi are unloading billions of dollars in bad debt that they’ve given up on recovering.

New earnings data shows the four largest banks in the country collectively recorded $6.9 billion in net charge-offs in Q3 of this year, primarily driven by credit card delinquencies and soured consumer loans.

JPMorgan says its net charge-offs hit $2.087 billion in Q3, up nearly 40% from $1.497 billion registered in Q3 of 2023.

Wells Fargo says its net charge-offs surged to $1.111 billion in Q3, an increase of nearly 54% from $722 million recorded a year ago.

Citi says its net credit on losses reached $2.172 billion, an over 32% jump from the $1.637 billion witnessed in the same period last year.

And BofA says net charge-offs hit $1.534 billion in the same quarter, up 64% from $931 million a year ago.

The news comes after US credit card rates hit a fresh all-time high in August.

Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter, says rates have increased by seven percentage points in just two years, hitting 23.4% a couple of months ago.

In addition, total outstanding US credit card debt has soared to $1.36 trillion – the highest level in history.

“US consumers now have a record $1.36 trillion in credit card debt and other revolving credit meaning they pay a massive $318 billion annual interest.

To put this into perspective, Americans paid just half of that in 2019 at ~$160 billion.

Meanwhile, credit card serious delinquency rates are at 7%, the highest level since 2011. The credit card debt bubble is popping.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Big banks are battling for new customers in the US, with JPMorgan Chase now offering a total of $900 to entice people to switch banks.

Chase’s offer is for people who open both a checking and a savings account and meet certain requirements.

Specifically, new Chase customers receive a $300 bonus for opening a checking account with direct deposit, as long as they deposit $500 within three months.

In addition, customers receive a $200 bonus for opening a savings account and depositing at least $15,000 within 30 days, as long as the balance is maintained for 90 days.

Customers who open both accounts and complete the fine print receive an additional $400 bonus.

Meanwhile, Wells Fargo is offering a $300 bonus to new customers who open a checking account that receives $1,000 via direct deposit within 90 days.

Bank of America is also offering a $300 bonus for new customers’ checking accounts, with a $2,000 direct deposit requirement within 90 days.

Citibank is also offering $300 to new customers who open a checking account, with a $1,500 direct deposit requirement within 90 days.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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