US President-elect Donald Trump’s nomination of Paul Atkins, a pro-cryptocurrency advocate, to lead the Securities and Exchange Commission fueled a dramatic surge in Bitcoin prices, pushing the cryptocurrency past the USD100,000 threshold in early trading Thursday.
Bitcoin briefly topped USD103,000 before retreating to the USD95,000 range as the U.S. market settled. Traders are awaiting the release of November’s jobs data on Friday, which could signal whether the U.S. Federal Reserve will ease monetary policy further.
Bitcoin’s rise follows a pattern seen earlier this year after Trump’s presidential election victory, which sparked renewed optimism among crypto investors. While the cryptocurrency nearly breached the USD100,000 mark in November, it later slipped back to the low USD91,000 range.
The rally on Thursday also had a ripple effect on cryptocurrency-related stocks, such as MicroStrategy, Coinbase, and Mara Holdings. These stocks, like Bitcoin, surrendered their early gains and closed lower.
Atkins’ appointment as SEC chairman could signal a more favorable regulatory environment for cryptocurrencies, contrasting with the stance of his predecessor, Gary Gensler, who had been critical of the crypto industry. Investors are now hopeful that a Trump administration could introduce policies that support the digital asset class.
