News Brief
Bitcoin Price Crosses $100,000 Mark For The First Time As Trump Picks Cryptocurrency-Friendly Paul Atkins To Head SEC
Bitcoin marked a remarkable rise
Bitcoin price crossed the $100,000 mark for the first time on Thursday (5 December) as United States President Donald Trump picked a crypto-friendly face to lead the US Securities and Exchange Commission (SEC).
The surge in Bitcoin price comes amid hope among investors for a regulatory environment favourable to cryptocurrencies in US following Trump's victory last month.
The cryptocurrency's value has doubled this year, registering a 45 per cent increase in the four weeks since Trump's electoral victory, which also resulted in several cryptocurrency-supporting legislators entering Congress.
As of 9.30 am Thursday, Bitcoin traded at $1,03,218, showing a 4.5 per cent increase from the previous session.
The departure of US SEC Chair Gary Gensler, set to coincide with Trump’s January inauguration, has raised expectations among cryptocurrency investors for reduced regulatory scrutiny.
On Wednesday (4 December), Trump announced pro-cryptocurrency Paul Atkins as his nominee for SEC leadership.
Currently the CEO of Patomak Partners, Atkins was praised by Trump for his balanced regulatory approach.
Since leaving the SEC, Atkins has been a vocal opponent of excessive market oversight.
During his campaign, Trump expressed strong support for digital assets, vowing to position the United States as the “crypto capital of the planet” and to create a national Bitcoin reserve.
"He [Atkins] believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before," Trump said on Truth Social after announcing the nomination.
