Bitcoin surges past $100,000 amid Trump’s pro-crypto SEC pick

Bitcoin soared to a historic high, crossing the $100,000 threshold for the first time, after President-elect Donald Trump announced a staunch cryptocurrency advocate as his choice to lead the US Securities and Exchange Commission (SEC).

The token jumped as much as 6.1%, reaching $103,801 on Thursday, before settling around $103,420 at the time of publication. The broader cryptocurrency market has seen a staggering $1.3 trillion rally since Trump’s election victory on November 5, fueled by optimism over his crypto-friendly stance.

Trump has tapped Paul Atkins, a noted proponent of digital assets, to succeed outgoing SEC Chair Gary Gensler. Under Gensler, the agency launched a sweeping crackdown on the crypto sector following a series of high-profile collapses and fraudulent schemes in 2022. Atkins’ appointment signals a potential shift toward more lenient oversight, a prospect that has electrified the market.

Bitcoin’s milestone moment

The digital asset had flirted with the $100,000 level earlier this month, reaching within $300 of the milestone on November 22, before retreating. Crypto enthusiasts have long hailed $100,000 as a symbolic victory, underscoring claims that Bitcoin serves as a hedge against inflation and a modern store of value. Skeptics, however, argue the asset lacks intrinsic worth and remains prone to speculative excess.

“Crossing $100,000 is a defining moment not just for Bitcoin but for the entire crypto ecosystem,” said a market strategist, highlighting the significance of the milestone for institutional and retail investors alike.

Market momentum

The rally has been mirrored in traditional financial markets, with US exchange-traded funds tied to Bitcoin attracting a net inflow of $32 billion so far this year, including $8 billion since Trump became president-elect. Trading volumes for cryptocurrencies and related derivatives hit a record $10 trillion across centralized exchanges in November, according to data from CCData.

Trump has pledged to roll back stringent crypto policies implemented during the Biden administration, install crypto-friendly regulators, and position the US as a global hub for digital assets. He has even floated the controversial idea of a national Bitcoin reserve, though analysts remain skeptical about its feasibility.

Mt. Gox moves billions

Adding to Thursday’s buzz, the defunct Mt. Gox crypto exchange transferred more than $2.4 billion worth of Bitcoin to an unidentified wallet, according to Arkham Intelligence. Such movements often stir fears of a supply glut as creditors may offload the returned assets. However, traders appeared unperturbed by the transfer, focusing instead on the bullish momentum in the market.