Bitcoin Surpasses $100,000 as Trump Picks Pro-Crypto SEC Leader

Bitcoin has reached a historic milestone, surpassing $100,000 for the first time. This surge was fueled by President-elect Donald Trump’s choice of Paul Atkins, a crypto-friendly advocate, to lead the US Securities and Exchange Commission (SEC). The cryptocurrency peaked at $103,801 on Thursday before settling at $103,420 by early afternoon in Singapore. Since Trump’s election win on November 5, the crypto market has added an impressive $1.3 trillion in value, driven by expectations of relaxed regulations.

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Trump’s Crypto-Positive Nomination

Trump’s nomination of Paul Atkins, known for his supportive stance on digital assets, marks a shift from the outgoing SEC Chair Gary Gensler’s strict oversight. Traders are optimistic about Atkins’s appointment, anticipating more industry-friendly policies under his leadership.

A Historic Bitcoin Rally

“This rally is all about momentum,” said Jason Titman, CEO of crypto brokerage Swyftx. “Trading volumes are higher than they’ve been in years, and the announcement of Atkins as SEC chair has added fuel to the fire.”

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Supporters view Bitcoin’s climb past $100,000 as proof of its value as a digital asset and an inflation hedge. Critics, however, argue that Bitcoin’s price is largely speculative and lacks intrinsic value.

“This milestone is a game-changer for Bitcoin and the crypto industry,” said Caroline Mauron, co-founder of Orbit Markets. “We expect the momentum to continue in the near term.”

Record Inflows for Bitcoin ETFs

US Bitcoin exchange-traded funds (ETFs) have seen unprecedented demand, with $32 billion in inflows this year. Of that, $8 billion has come since Trump’s election victory, according to Bloomberg. Meanwhile, the combined trading volume for cryptocurrencies and derivatives on centralized exchanges hit a record $10 trillion in the past month, as reported by CCData.

Trump has pledged to ease crypto regulations, make the US a global leader in digital assets, and even proposed creating a national Bitcoin reserve. While the feasibility of a Bitcoin reserve remains uncertain, the promises have resonated with the market.

“Investors need to remember that no asset’s price rises forever,” cautioned Josh Gilbert, market analyst at eToro. “Bitcoin’s momentum is strong, but it’s vulnerable to major shocks.”

Mt. Gox’s $2.4 Billion Bitcoin Move

In other developments, the defunct Mt. Gox exchange transferred $2.4 billion worth of Bitcoin to an undisclosed wallet, according to Arkham Intelligence. Such movements often raise fears of sell-offs by creditors, but traders appeared unshaken.

Mixed Results Across Cryptocurrencies

Other digital assets experienced varied outcomes. Dogecoin posted notable gains, Ethereum remained stable, and XRP saw a slight drop. Investors appear to be consolidating their funds into Bitcoin, reinforcing its dominance in the market.

Despite Bitcoin’s record-setting performance, broader financial markets remained calm. Stock indices and equity futures showed little movement, Treasury yields ticked slightly higher, and the dollar index stayed unchanged.

Bitcoin’s unprecedented rise highlights growing confidence in cryptocurrency and the anticipation of significant regulatory changes under the Trump administration. As the market evolves, Bitcoin continues to capture global attention, reinforcing its position as a key player in the future of finance.

Also Read: Bitcoin Nears $96,000 as Market Waits for Trump’s Next Move