Bitcoin Approaches $100,000 as SEC Chair Gary Gensler Announces Resignation
Bitcoin approaches the $100,000 mark, boosted by a favorable political climate following Trump’s election. SEC Chair Gary Gensler’s resignation coincided with Bitcoin hitting $98,831, leading to optimism about the regulatory environment for cryptocurrencies. Industry figures are promoting a potential White House position focused on crypto policy to enhance industry influence.
Bitcoin’s value has surged to nearly $100,000, marking a remarkable rise following its recent crossing of the $80,000 threshold. The cryptocurrency’s price jump has been influenced by Donald Trump’s election victory, coupled with expectations of a favorable regulatory environment for digital assets under a Republican Congress. In less than a week, the market cap of the industry has increased by over $1 trillion, demonstrating the momentum behind cryptocurrencies that analysts predict could propel Bitcoin past the $100,000 mark by year-end.
Adam McCarthy, a research analyst at Kaiko, noted that if the current interest in Bitcoin continues, there is a strong possibility it will achieve this significant milestone soon. “If that appetite continues, if the inflows that we’ve seen into ETFs this year continue, then that should structurally set things up for an interesting end of the year,” McCarthy stated.
On Thursday, Bitcoin peaked at $98,831, coinciding with the announcement from SEC Chair Gary Gensler regarding his resignation following Trump’s inauguration on January 20. Gensler has been pivotal in the Biden administration’s stringent approach toward cryptocurrencies, which faced backlash through various enforcement actions against key industry players such as Coinbase and Ripple. His departure has been met with optimism across the crypto community.
Furthermore, reports indicate that the Trump administration is contemplating the establishment of a White House position focused on cryptocurrency policy. Industry leaders are advocating for this role to provide direct access to the President, potentially granting the crypto sector unprecedented influence over regulatory decisions.
The cryptocurrency market has witnessed substantial volatility and movement as a result of political shifts and regulatory actions. Bitcoin’s recent surge is largely attributed to the political climate following the recent election, where expectations of a more favorable regulatory framework for digital currencies have heightened market confidence. Additionally, regulatory figures like SEC Chair Gary Gensler have shaped the landscape of cryptocurrencies, often producing tension between lawmakers and industry advocates. The possibility of dedicated roles within government to oversee cryptocurrency may further signify a change in approach towards regulation.
In summary, Bitcoin is on the cusp of reaching an unprecedented valuation of $100,000, fueled by a favorable shift in the political landscape and an influx of investor interest. The resignation of SEC Chair Gary Gensler, who has been associated with stringent regulatory enforcement, is anticipated to ease tensions between the government and the crypto sector. Furthermore, the potential establishment of a White House role dedicated to cryptocurrency policy could enhance industry influence in shaping future regulations.
Original Source: fortune.com
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