Synopsis
Bitcoin surged above $107,000 following the US SEC’s announcement of a “Crypto Task Force” to develop digital asset regulations under the Trump administration. The task force, led by pro-crypto Commissioner Hester Peirce, has boosted investor confidence. Altcoins, including XRP, Solana, and Dogecoin, also saw gains, while newly launched Trump-related tokens showed mixed performance.
Bitcoin, the world’s largest cryptocurrency by market value, surged above the $107,000 mark in early trading on Wednesday, following news of the US Securities and Exchange Commission’s (SEC) plan to overhaul crypto regulations.
The SEC’s new leadership revealed on Tuesday that it had formed a task force to develop a regulatory framework for digital assets, marking the first major initiative from the Trump administration to address crypto policy.
“After a pullback, Bitcoin gained over 4% following the SEC’s launch of the “Crypto Task Force” to develop a framework for digital assets. This move boosted investor confidence in the Trump administration’s approach to crypto, despite not being addressed during the inauguration,” said Edul Patel, CEO of Mudrex.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 56.85% BuySmart Contract Tracker3.86% BuyDeFi Tracker-1.35% BuyAI Tracker-2.95% BuyNFT & Metaverse Tracker-11.05% BuyTOP COINS (₹) Solana22,140 (8.89%)BuyXRP275 (4.06%)BuyBitcoin9,121,514 (3.73%)BuyEthereum285,893 (2.14%)BuyTether86 (-0.01%)Buy”With Commissioner Hester Peirce who’s known for her pro-crypto stance leading the task force, we can expect some progressive framework to take shape going forward,” Patel said.
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View Details »Vikram Subburaj, CEO of Giottus, also pointed to strong market sentiment, driven by significant spot ETF inflows and MicroStrategy’s recent purchase of 11,000 BTC.
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As of 11:20 am IST, Bitcoin was trading 4% higher at $105,585, after reaching a day’s high of $107,180. Ethereum, the second-largest cryptocurrency, gained 2.8% to $3,322.
Also Read: There has never been a better time to invest in crypto, says Donald Trump’s son Eric
Meanwhile, Bitcoin hit a record high of $109,071 on Monday when President Trump, who has pledged to be a “crypto president,” was inaugurated. However, the cryptocurrency pulled back after crypto was not mentioned in a series of executive actions on Day One.
Major altcoins saw significant gains on Wednesday. XRP rose by 4%, Solana gained 10%, and Dogecoin increased by 8.9%. Other notable movements included Chainlink, which surged by 9%, and substantial gains from Avalanche (6.5%), Sui (9.3%), Toncoin (5.6%), and Shiba Inu (6.3%).
Newly launched tokens OFFICIAL TRUMP and Melania Coin showed mixed performance, with OFFICIAL TRUMP surging 29% and Melania Coin rising 2% in the past 24 hours, following respective declines of 42% and 70% since their launch.
Also Read: Melania Coin dips over 60%, Trump Coin follows with 50% plunge
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $2.092 trillion. Bitcoin’s dominance is currently 57.55%, according to . BTC volume in the last 24 hours fell 37.67% to $76.4 billion.
“Bitcoin dominance is back below 58% with the total crypto market cap consolidating above $3.6 trillion. If Bitcoin holds $105,000, a rally towards a new high is likely this month,” Subburaj said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
