Egypt Daily News – President-elect Donald Trump’s selection of a pro-cryptocurrency figure to head the US Securities and Exchange Commission pushed Bitcoin toward achieving a record high of more than $100,000, as traders welcomed the idea of easing regulations.
The largest cryptocurrencies rose by more than 6% to exceed $100,000 today, Thursday, in Asian trading. It recorded about $103,000 in subsequent transactions. The entire cryptocurrency market has jumped by about $1.4 trillion since Trump won the US elections on November 5.
Trump chose Paul Atkins to replace Gary Gensler, the outgoing SEC chairman, who took a tough stance against crypto assets after the market crash in 2022, when fraudulent practices and huge losses were revealed.
Speculators also took heed of statements by Russian President Vladimir Putin, who said at an economic forum in Moscow that no one could ban the use of Bitcoin and other virtual currencies.
It is still an open question whether these events will help the native cryptocurrency break the “sell barrier” before reaching the $100,000 level, IG Australia market analyst Tony Sycamore wrote in a note.
On November 22, Bitcoin was less than $300 away from recording $100,000 for the first time, but it retreated while remaining close to this historic level. Cryptocurrency proponents believe that reaching this six-figure level is confirmation of the controversial claims that Bitcoin represents a modern store of value and a means of hedging against inflation risks.
Critics highlight Bitcoin’s volatility, with its 135% rise this year raising questions about whether the rise can continue. Meitu Inc, a provider of digital content creation tools, sold all of its Bitcoin and Ether holdings for about $180 million, citing “a good opportunity to make significant gains.”
Data compiled by Bloomberg showed that Bitcoin ETFs in the United States attracted net inflows of about $32 billion this year, including more than $8 billion since Trump became president-elect. The combined trading volume of crypto-assets and related derivatives across central exchanges reached a record level exceeding $10 trillion last month, according to the CCData platform.
Trump promised to repeal the Joe Biden administration’s restrictions on crypto assets, appoint pro-regulators, and turn the United States into the global center for cryptocurrencies. The Republican president even supported the idea of creating a strategic national reserve of Bitcoin, although there are doubts that this goal can be achieved.
