Bitcoin surpassed $100,000 for the first time, fueled by pro-crypto hopes following Donald Trump’s election and his nomination of Paul Atkins to the SEC. Institutional interest is rising alongside a favorable regulatory outlook, contributing to optimism in the cryptocurrency market, which has gained approximately $1 trillion since the election.

Bitcoin reached a historic milestone by surpassing $100,000 for the first time on Thursday morning, driven by optimism regarding a pro-cryptocurrency presidency following Donald Trump’s electoral win. As of 6:54 AM UAE time, Bitcoin was valued at $100,995.52. This surge followed Trump’s nomination of cryptocurrency advocate Paul Atkins to lead the Securities and Exchange Commission, which many view as a significant move for the digital asset sector. If confirmed, Mr. Atkins would replace Gary Gensler, who has been known for his stringent regulatory stance toward cryptocurrencies.

The recent upswing in Bitcoin’s price is also attributed to a collective sense of optimism in the cryptocurrency market, which had endured a significant downturn in 2022. Notably, cryptocurrencies have collectively added around $1 trillion since Mr. Trump’s win on November 5. His newly pro-crypto approach includes plans for a strategic Bitcoin reserve and a crypto advisory council, enhancing expectations for a friendlier regulatory environment.

Industry experts suggest that Bitcoin’s trajectory may continue to rise, with Nigel Green of deVere Group stating that the $100,000 mark could soon seem conservative, predicting Bitcoin could reach $120,000 by early 2025. The rising perception of Bitcoin as ‘digital gold’ and a hedge against inflation has contributed to increased institutional interest and infrastructure development for mass adoption. Many investors believe that Bitcoin’s limited supply combined with growing demand may lead to sustained price growth in the long run.

Post-election, the cryptocurrency sector has experienced a notable increase in investment, with U.S. ETFs focused on Bitcoin amassing a total of $100 billion in assets, thereby enhancing market sentiment. Mr. Trump has shown a marked departure from his previous skepticism toward digital assets, pledging to make the U.S. ‘the crypto capital of the planet,’ which aligns with the interests of crypto proponents who invested heavily in supporting pro-crypto candidates during the electoral process.

The recent surge in Bitcoin’s price to over $100,000 represents a significant shift in the cryptocurrency landscape, buoyed by political changes in the United States. The nomination of Paul Atkins to head the SEC under President Trump is particularly noteworthy, as it reflects potential shifts in regulatory attitudes that could favor the cryptocurrency industry. Following a period of intense scrutiny and regulatory pressures during Gary Gensler’s tenure as SEC chairman, the market is now hopeful for a more favorable regulatory climate that may encourage investment and adoption of digital assets.

In summary, Bitcoin’s ascension past the $100,000 threshold heralds a new chapter for the cryptocurrency market, fueled by political developments that promise a more supportive regulatory environment. With key figures advocating for digital assets and institutional interest on the rise, the cryptocurrency sector is poised for potential substantial growth. However, the volatility inherent in the market should prompt caution among investors. Overall, ongoing developments in U.S. cryptocurrency policy will significantly impact the future trajectory of Bitcoin and the broader crypto market.

Original Source: www.thenationalnews.com

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