Investing.com — Bitcoin prices erased some of their losses on Wednesday afternoon following news that US President-elect Donald Trump plans to appoint Paul Atkins as the new SEC Chairman.
Atkins is currently CEO of Patomac Global Partners (NYSE:). He served as an SEC Commissioner from 2002 to 2008.
Bitcoin prices have stabilized below recent highs as traders wait for further clues about U.S. monetary policy and what President Donald Trump's administration will impose on cryptocurrencies. Major altcoins performed well on this day.
By 13:56 ET (17:56 GMT), shares rose 0.4% to $95,611.0, largely staying within the $90,000 to $100,000 trading range set over the past two weeks.
The world's largest cryptocurrency soared after Trump's victory in the 2024 presidential election, but failed to break through the coveted $100,000 level and fell into a range.
President Trump's virtual currency policy attracts attention
Cryptocurrency markets were largely hoping for further policy cues from Donald Trump following the president-elect's promise of friendlier regulation.
Trump has vowed to make the United States the crypto capital of the world and has even floated the idea of a national Bitcoin reserve.
President Trump's Cabinet appointments, especially the posts of Treasury Secretary and Commerce Secretary, all indicate a stance in support of virtual currencies.
According to reports, President Trump also plans to transfer virtual currency regulation from the Securities and Exchange Commission to the Commodity Futures Trading Commission.
Still, traders doubted whether Trump would be able to fulfill all of his crypto promises. Particularly at issue is the creation of a Bitcoin reserve, with analysts saying a focus on reducing government spending and preserving the dollar would take precedence over any additional government purchases of Bitcoin. states.
Recent data also shows that the government has mobilized around $1.9 billion in Bitcoin to exchanges, raising concerns about a potential sell-off event.
US government moves $33 million in seized FTX crypto assets
The U.S. government transferred approximately $33.6 million in virtual currency from wallets associated with assets seized from defunct cryptocurrency exchange FTX and trading company Alameda. The funds were moved to two unidentified addresses.
Several transactions were recorded on Tuesday, including a transfer of 5,024 ether (worth about $18 million) to wallets starting with “0x9cd” and “0x9ac,” according to Arkham Intelligence.
Additional funds labeled as “FTX Alameda Seized Funds” by Arcam include BUSD $13 million, SHIB $1.5 million, and various others including AERGO, POWR, AXS, YFI, NMR, COMP, SRM, RLC, etc. It contained a token. Sent to the same two addresses.
Crypto prices today: Altcoins rise, focus on Fed cues
Broad-based crypto prices were mostly positive on Wednesday, although caution remained ahead of further clues on US interest rates. Federal Reserve Chairman Jerome Powell is scheduled to speak later Wednesday, and key nonfarm payrolls numbers are expected to be released on Friday.
The world's number one altcoin rises nearly 5% to $3,711.62
fell 0.4% to $2.55, cooling after a huge rally to a six-year high. XRP rose on speculation that the SEC would drop its long-running lawsuit against XRP issuers due to a change in leadership.
The index was flat but rose 5.7%, extending recent gains. It jumped over 6%.
Added 3.1% of meme coins.
Amber Warrick contributed to this report.
