Synopsis
The president-elect has vowed to undo a crackdown on digital assets imposed by the Biden administration and instead foster industry growth, including setting up a national Bitcoin stockpile. The Republican’s pledges ignited a wave of optimism that lifted the token to within a whisker of a record $100,000 last week, before the mood turned cautious as traders awaited concrete steps.
Bitcoin resumed a climb toward $100,000 on signs that crypto-friendly candidates will likely shape US financial rules under Donald Trump.
The digital asset rose the most in more than two weeks on Wednesday to hit $97,361, before easing to $95,500 as of 5:45 a.m. Thursday in London. Crypto supporters emerged as leading candidates to run the Securities and Exchange Commission and the Commodity Futures Trading Commission, aiding sentiment.
The president-elect has vowed to undo a crackdown on digital assets imposed by the Biden administration and instead foster industry growth, including setting up a national Bitcoin stockpile. The Republican’s pledges ignited a wave of optimism that lifted the token to within a whisker of a record $100,000 last week, before the mood turned cautious as traders awaited concrete steps.
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TOP COIN SETSNFT & Metaverse Tracker35.72% BuyAI Tracker20.51% BuyDeFi Tracker18.49% BuySmart Contract Tracker4.01% BuyCrypto Blue Chip – 50.35% BuyTOP COINS (₹) BNB55,381 (2.03%)BuyTether84 (-0.06%)BuyBitcoin8,071,423 (-0.46%)BuyEthereum301,513 (-2.11%)BuySolana20,048 (-2.7%)BuyPossible SEC Head
Crypto supporter Paul Atkins has emerged as a top candidate to replace Gary Gensler as SEC chair, according to people familiar with the matter. Gensler launched a flurry of enforcement actions over alleged noncompliance and risky practices in the digital-asset sector, becoming the industry’s bete noire.
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Meanwhile, most or all of the potential contenders to head the CFTC, the derivatives regulator, would likely be friendly toward the crypto market, which has surged about $1 trillion since Trump’s victory in the US election on November 5.
Trump’s transition team has also held discussions over whether to create the first White House post dedicated to digital-asset policy. On Wall Street, there are growing indications of more willingness to engage with the nascent market.
Bitcoin came within $300 of the landmark $100,000 mark on Nov. 22 before shedding about $9,000 over the subsequent four days. Crypto’s adherents view the six-figure number as a validation of contested claims that Bitcoin is a modern-day store of value and a hedge against inflation risk.
Roubini’s Warning
Critics such as Nouriel Roubini – famed for warning of a disaster ahead of the 2008 financial crisis – disagree. “Bitcoin is highly volatile,” Roubini said Wednesday on Television. “If you want wealth preservation rather than high volatility, you want to stay away from those types of assets.”
About $6.9 billion has poured into US exchange-traded funds investing directly in Bitcoin in the period following Trump’s election win, show data compiled by .
