Dailyreport
As traders applauded Donald Trump’s choice of a cryptocurrency enthusiast to lead the US securities regulator, Bitcoin crossed $100,000 for the first time on Thursday, bolstering hopes that the incoming president will enact legislation to de-regulate the industry.Bitcoin reaches $100,000 for the first time
Following Trump’s election on November 5th, when he promised during the campaign to make the US the “bitcoin and cryptocurrency capital of the world,” the cryptocurrency surged through the threshold to reach a height of $103,800.
Since the tycoon’s poll victory, the digital unit has increased by over 50%, and it has increased by almost 140% since the year began.
However, as traders sought fresh reasons to buy in, the unit’s gain stopped in recent weeks, hovering just below $100,000.
This followed the announcement that Trump has appointed prominent cryptocurrency advocate Paul Atkins to succeed him as the Securities & Exchange Commission’s chair.
Founded in 2009, Patomak Global Partners is a risk consulting firm with clients in the banking, trading, and cryptocurrency sectors. Atkins served as an SEC commissioner from 2002 to 2008.
Atkins has been co-chairman of the Digital Chamber of Commerce, which encourages the use of digital assets, since 2017, according to a statement from the Trump transition team.
Trump underlined Atkins’ dedication to “robust, innovative” capital markets in a statement, saying, “Paul is a proven leader for common sense regulations.”
Trump said, “He also understands that digital assets and other innovations are essential to Making America Greater than Ever Before.”
He would succeed Gary Gensler, who, following a market meltdown in 2022, spearheaded a crackdown on the industry.
Nevertheless, the SEC this year approved the trading of two new financial instruments, known as exchange-traded funds (ETFs), on the U.S. market, enabling a broader audience to purchase cryptocurrencies.
The price of bitcoin supports one, while ether, the second-most popular unit by capitalisation, supports the other.
Stephen Innes of SPI Asset Management stated, “Atkins, a conservative legal eagle with a history of criticising the SEC’s strict stance on cryptocurrency firms, is expected to steer a more crypto-friendly course.”
The crypto industry has been electrified by this calculated action, which has fuelled investor excitement about a potentially more permissive regulatory environment under Atkins’ leadership. This is in line with general Republican support for a lax attitude to the thriving digital asset market.
Trump’s reversal
Trump has been a strong supporter of cryptocurrencies during his election campaign, despite having previously called them a “scam.“
