Bitcoin tops $100,000 after President Trump nominates crypto apologist Paul Atkins as SEC director

Bitcoin surpassed $100,000 for the first time on Thursday following Republican Donald Trump's victory as US president, sparking optimism for a crypto-friendly regulatory framework.
The value of cryptocurrencies has doubled this year, increasing by 45% in the four weeks since Trump's election victory, leading to several crypto-supporting lawmakers entering Congress.
As of 02.40 GMT, Bitcoin was trading at $100,277, up 2.2% from the previous session, after reaching a peak of $100,277.
Cryptocurrency investors expect less scrutiny following the resignation of U.S. Securities and Exchange Commission Chairman Gary Gensler, who announced his resignation in January to coincide with President Trump's inauguration.
Meanwhile, President Trump announced Wednesday that he will nominate Paul Atkins to lead the Securities and Exchange Commission. Atkins is a former SEC commissioner and has experience in cryptocurrency policy as co-chair of the Token Alliance and Digital Chamber of Commerce, which aims to “develop best practices for digital asset issuance and trading platforms.”
Atkins, currently CEO of Patmac Partners, has been praised by President Trump for his pragmatic approach to regulation and has consistently opposed excessive market surveillance since leaving the SEC. has been claiming.
Trump signaled support for digital assets during his campaign, pledging to establish the United States as “the crypto asset of the planet” and build a national Bitcoin reserve.
“He believes in the promise of robust, innovative capital markets that respond to investor needs and provide the capital to make our economy the best in the world. We also recognize that it is essential to making America greater than ever before,” Trump said on Truth Social after announcing the nomination.
Meanwhile, experts expressed optimism, saying institutional interest, advances in tokenization, and regulatory clarity are leading to mainstream adoption of digital assets.
“We are witnessing a paradigm shift. After four years of political purgatory, Bitcoin and the entire digital asset ecosystem are about to enter the financial mainstream,” said the founder of US cryptocurrency company Galaxy Digital. said Mike Novogratz, CEO and Chief Executive Officer.
“This momentum is being fueled by institutional adoption, advances in tokenization and payments, and a clearer regulatory path,” he added.
“Bitcoin's passing of $100,000 is not just a milestone, but evidence of changing trends in finance, technology, and geopolitics,” said Justin Danesan, an independent cryptocurrency analyst based in Hong Kong. “Until recently, this number was dismissed as fantasy.” , exists as reality. ”
Additionally, various crypto companies such as Ripple, Kraken, and Circle are vying to join President Trump's proposed Cryptocurrency Advisory Board, aimed at influencing potential U.S. policy reforms. has been confirmed by multiple leaders in the digital asset industry.
Trump launched a cryptocurrency venture, World Liberty Financial, in September, signaling that his commercial interests may extend to cryptocurrencies. Despite limited information about the company, his involvement created positive market sentiment.
Last week, the Financial Times reported, citing two sources, that President Trump's social media organization is in talks to acquire the cryptocurrency trading company Bakkt.
The Financial Times reported that Trump Media and Technology Group, which controls Truth Social, is finalizing the purchase of all of Bakkt's shares.
Tesla CEO and billionaire Elon Musk, who maintains a strong relationship with President Trump, also supports cryptocurrencies.
Bitcoin experienced a rapid recovery from a drop below $16,000 in late 2022, strengthened by the approval of a US-listed Bitcoin exchange-traded fund in January.
While the Securities and Exchange Commission previously resisted Bitcoin ETFs due to concerns about investor safety, these instruments now allow broader participation, including by institutional investors.
Bitcoin exchange-traded funds listed in the United States have attracted more than $4 billion in investments since the election.
Joe McCann, founder and CEO of Asymmetric, a Miami-based digital asset hedge fund, said: “We had been trading essentially sideways for about seven months, Immediately after that, US investors resumed buying Handover Fist.
BlackRock's ETF options launched in November, with call options significantly outperforming puts. McCann noted that the put-to-call ratio is about 22-to-1.
Cryptocurrency stocks have been rising along with Bitcoin, with shares of Bitcoin miner MARA Holdings rising about 65% in November.
However, this upward trend is facing opposition.
The crypto sector faced a major crisis two years ago when the FTX cryptocurrency exchange collapsed and founder Sam Bankman Fried was jailed.
The sector continues to face increased scrutiny for its high power consumption, while concerns about criminal activity related to cryptocurrencies persist.
Industry observers are closely monitoring the situation as Bitcoin crosses the $100,000 mark and traders may be looking to realize recent gains.
“But if you clear out the sell orders, prices could rise even faster,” said Stephen McClurg, founder of digital asset investment firm Canary Capital. He said he expects the price of Bitcoin to reach $120,000 by December 25th.

Source link