Investing.com — Bitcoin soars to an all-time high on Thursday, surpassing the coveted $100,000 mark, as traders cheer President-elect Donald Trump's nomination of a pro-crypto SEC chief. did.
The world's largest cryptocurrency broke out of a trading range seen over the past two weeks after President Trump ended speculation over who would choose the SEC chairman by nominating former commissioner Paul Atkins. Atkins has been vocal about his support for digital assets.
It rose 7.5% to a record high of $103,719.4.
Atkins replaces Gensler, potentially ending SEC crypto movement
Mr. Atkins will replace current SEC Chairman Gary Gensler, who announced that he would step down when President Trump took office in January.
Gensselaer led a two-year crackdown on alleged bad actors in the cryptocurrency industry, launching enforcement actions against several major companies, including Coinbase (NASDAQ:) and , for allegedly selling illegal securities.
Atkins, an experienced financial regulator, is expected to take a less strict stance on cryptocurrencies. He has advocated for deregulation and voiced support for digital assets.
“Mr. Atkins recognizes that digital assets and other innovations are essential to making America greater than ever,” Trump said in a social media post.
Altcoins were one of the biggest beneficiaries of speculation surrounding Atkins’ nomination. This week, the token rose to a six-year high on expectations that the SEC would drop its long-running lawsuit against issuer Ripple.
President Trump is also expected to move regulatory oversight of cryptocurrencies from the SEC to the Commodity Futures Trading Commission.
Fed Chairman Powell compares Bitcoin to gold
Federal Reserve Chairman Jerome Powell likened Bitcoin to gold in a speech on Wednesday.
Speaking at a New York Times (NYSE:) event, Powell said Bitcoin is a competitor to gold, not the dollar, in that traders treat it as a speculative asset rather than a usable currency. said.
Cryptocurrency prices today: Altcoins are mostly upbeat following Trump's expectations
Broad crypto prices also mostly rose in anticipation of friendlier policies under President Trump.
The world's No. 1 altcoin rose 5% to $3,865.31.
XRP fell 11.8% as traders locked in recent profits from the token's sharp selloff.
was flat, but fell by 1%. All three tokens fell by 2.6% despite their strong gains in recent weeks.
Meme tokens fared much better, rising nearly 8%. The coin is likely President Trump's reference to the creation of the Department of Government Efficiency (DOGE), co-chaired by Dogecoin enthusiast Elon Musk.
