Bitcoin prices have crossed the $100,000 threshold for the first time, reaching over $102,000 in recent trading.
This milestone comes after President-elect Donald Trump announced his intention to nominate Paul Atkins, a cryptocurrency advocate, to lead the Securities and Exchange Commission (SEC), signaling a potential shift in regulatory approach toward the crypto market.
Bitcoin’s surge has been fueled by optimism surrounding Trump’s stance on cryptocurrency. The President-elect, who has previously expressed skepticism about digital assets, now sees them as integral to the future of the US economy. His nomination of Paul Atkins, who has long criticized heavy regulation and advocated for a friendlier environment for crypto firms, has been welcomed by many in the industry. Atkins, a former SEC commissioner, is expected to ease the regulatory pressure that has weighed on the sector under current SEC Chair Gary Gensler.
The rally in Bitcoin prices also comes amid broader market optimism. The major US stock indexes all reached record highs on Wednesday, bolstered by confidence in potential interest rate cuts. Bitcoin’s price, which stood at around $69,374 on Election Day in early November, has risen dramatically in recent weeks, reaching a high of $103,713 on Wednesday.
While Bitcoin’s rise has attracted attention, it remains a volatile asset. Despite its record high, the cryptocurrency briefly dipped back below $102,000 on Thursday. Market experts caution that the future price movement of Bitcoin, like other cryptocurrencies, is difficult to predict, with risks of sharp fluctuations.
In other market news, earnings reports are due this morning from companies including Kroger and Dollar General. US weekly jobless claims data will also be released, providing further insights into the labor market. Global markets were influenced by political developments in France, where the National Assembly voted to oust the prime minister, adding to uncertainty in European markets. Despite this, the French stock index rose moderately, and the euro strengthened slightly.
With input from Reuters, the Wall Street Journal, and the Associated Press.
