Bitcoin has surpassed the $100,000 milestone for the first time, buoyed by President-elect Donald Trump’s nomination of Paul Atkins, a prominent crypto advocate, to lead the U.S. Securities and Exchange Commission (SEC). The digital asset climbed as much as 6.1% to reach $103,801 on Thursday before stabilizing at $102,734, according to market data from Singapore.
The announcement has added fresh momentum to an already energized crypto market, which has gained an estimated $1.3 trillion since Trump’s election victory on November 5. Traders have interpreted Trump’s pro-crypto stance as a signal for relaxed regulations, fueling optimism for the sector’s future.
A ‘Carnival Atmosphere’
“This is a momentum rally,” said Jason Titman, CEO of crypto brokerage Swyftx. “Global spot volumes are above mid-pandemic levels, and the nomination of Paul Atkins as SEC chair just added to the carnival atmosphere.”
Paul Atkins, known for his support of a lighter regulatory framework for digital assets, is set to replace outgoing SEC Chair Gary Gensler. Gensler’s tenure was marked by a tough crackdown on crypto following the 2022 market turmoil, which exposed widespread fraud and led to costly financial collapses.
Bitcoin’s rally comes after several near-misses in recent weeks. On November 22, it fell just shy of the $100,000 mark, trading $300 below the milestone. Despite the temporary setback, the latest surge has renewed confidence among investors who view Bitcoin as a modern-day store of value and a hedge against inflation risks.
“Hitting $100,000 is a huge milestone for the token and the crypto industry as a whole,” said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for crypto derivatives. “We expect further momentum from here for the coming days.”
Market Trends and Future Prospects
The broader cryptocurrency market has also seen increased activity. Data from Bloomberg reveals that U.S. exchange-traded funds (ETFs) for Bitcoin have attracted a net inflow of approximately $32 billion this year, with over $8 billion added since Trump’s election. Meanwhile, total trading volumes for digital assets and derivatives across centralized exchanges hit a record $10 trillion last month, according to CCData.
The rally reflects growing optimism about Trump’s crypto-friendly policies. The President-elect has vowed to reverse the Biden administration’s regulatory clampdown on digital assets, install favorable regulators, and establish the U.S. as a global hub for cryptocurrency. Trump has even floated the idea of creating a national Bitcoin reserve, although experts question the feasibility of such an initiative.
Investor Caution
Despite the bullish sentiment, market analysts have urged caution. “Investors must remember that an asset doesn’t go up in a straight line forever,” said Josh Gilbert, a market analyst at eToro. “Drawdowns for Bitcoin are par for the course, but it feels like it’s going to take something big to slow down Bitcoin right now.”
While Bitcoin led the charge, other cryptocurrencies saw mixed performances on Thursday. Meme token Dogecoin rallied, Ether remained steady, while XRP retreated slightly. Trading patterns suggest that speculators are reallocating funds to Bitcoin, reinforcing its dominance in the market.
With Trump’s pro-crypto agenda and Bitcoin’s historic rally, the industry’s prospects appear brighter than ever, though risks remain in an unpredictable regulatory and financial landscape.
Bitcoin crosses $100,000 after Trump nominates crypto advocate Paul Atkins as SEC chair, signaling regulatory easing. Investors celebrate a landmark moment for the digital asset industry.
