Bitcoin surpasses $100,000 in a new record high

By Al Mayadeen English
Source: News websites
5 Dec 2024 09:32

As Bitcoin speeds through a streak of record highs, the cryptocurrency, for the first time, surpasses $100,000 value.

Listen

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference on Saturday, July 27, 2024, in Nashville, Tenn. (AP)

Following a remarkable rally since US President-elect Donald Trump's election win on November 5 and his pledge to make the United States the "bitcoin and cryptocurrency capital of the world," Bitcoin surged to a peak of $103,800.

Since Trump's election victory, the cryptocurrency has climbed over 50%, and its value has soared approximately 140% since the start of the year. However, its momentum has recently slowed, hovering just below $100,000 as traders awaited fresh incentives to re-enter the market.

This came as Trump picked major crypto proponent Paul Atkins to take over as chair of the Securities & Exchange Commission (SEC).

Atkins served as SEC commissioner from 2002 to 2008 and founded Patomark Global Partners in 2009, a risk consultancy firm that counts banking, trading, and cryptocurrency companies among its clients.

Trump’s transition team issued a statement highlighting that Atkins had been the co-chairman of the Digital Chamber of Commerce, an organization championing digital asset adoption, since 2017.

"Paul is a proven leader for common sense regulations," the statement read, asserting his commitment to "robust, innovative" capital markets. "He also recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before," Trump added.

Atkins is set to succeed Gary Gensler, who spearheaded a crackdown on the cryptocurrency sector following a market downturn in 2022.

Regardless, the SEC approved two new financial products this year for trading on the US market, known as ETFs, which provide broader access to cryptocurrency investments. One ETF is linked to Bitcoin's price, while the other is tied to ether, the second-largest cryptocurrency by market capitalization.

"Atkins, a conservative legal eagle with a track record of critiquing the SEC's tough stance on cryptocurrency firms, is expected to steer a more crypto-friendly course," said Stephen Innes of SPI Asset Management.

According to Innes, the strategic decision has energized the crypto community, boosting investor confidence in the possibility of a more favorable regulatory environment under Atkins' leadership, in line with the broader Republican push for a relaxed stance toward the growing digital asset industry.