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Bitcoin has officially topped $100,000 for the first time, marking a historic milestone.
What’s the deal: As of the time this article was posted, Bitcoin was sitting at $100,334.60, cementing its place as one of the best-performing assets of 2024. The cryptocurrency’s rise, gaining over $20,000 in just a week following President-elect Donald Trump’s election victory, reflects renewed optimism within the market. Since the start of the year, Bitcoin has soared by more than 130%, far outpacing the S&P 500’s 28% gain. In a statement, Trump commented on Bitcoin topping $100,000. He said, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
Trump’s appointment: Bitcoin’s surge to $100,000 came shortly after President-elect Trump announced the appointment of Paul Atkins as his pick to lead the Securities and Exchange Commission (SEC). Atkins, a former SEC commissioner under President George W. Bush, is known for advocating a lighter regulatory approach to financial markets, including digital assets. As the CEO of Patomak Partners, a financial services advisory firm focusing on crypto clients, Atkins has worked closely with the Chamber of Digital Commerce to develop best practices for cryptocurrency regulation.
His appointment is seen as a move that sharply contrasts with the strict enforcement policies of outgoing SEC Chair Gary Gensler, who some have criticized for his hostile stance on crypto. Gensler targeted firms like Ripple Labs, suing the company over the sale of its XRP token, alleging it constituted an unregistered securities offering. Coinbase, one of the largest cryptocurrency exchanges, also faced scrutiny for its staking services and listings of tokens deemed by the SEC as securities. Binance, the world’s largest crypto exchange, became another focal point of enforcement, with allegations of violating US securities laws and misleading regulators.
