After the announcement that President-elect Trump (Trump) has nominated cryptocurrency supporter Paul Atkins as the next chairman of the U.S. Securities and Exchange Commission (SEC), cryptocurrency prices surged significantly. Bitcoin rose from $94,600 to over $100,000 for the first time in history, with a surge of over 7% within 24 hours, sending the market into a frenzy and anticipation.
On December 5, the flagship cryptocurrency Bitcoin continued its upward trend. According to data from Coinglass, Bitcoin briefly surged to $102,603 per coin, with a 24-hour increase of up to 6.88% and a total market value of $2 trillion. At the time of writing, Bitcoin had retreated back below $100,000.
Although Bitcoin temporarily crossed the $100,000 mark, Nigel Green, CEO of financial services company deVere Group, expects a brief pullback in the near term. He believes this is a natural response to the rapid price surge as investors take profits.
However, Green foresees this as a temporary phase, with Bitcoin continuing its upward trajectory and possibly reaching $120,000 in the first quarter of 2025.
From the beginning of the year until now, the price of Bitcoin has seen a cumulative increase of 143.83%, especially in the past month, where it surged from $68,000 to $100,000 in a bullish trend.
On November 6, Trump, who is more friendly towards cryptocurrencies, announced his victory in the U.S. presidential election and put forward measures and commitments favorable to the development of cryptocurrencies, which is believed to be a direct factor driving the recent rise in Bitcoin.
In addition, on December 4, Trump announced on social media the nomination of Paul Atkins as the chairman of the U.S. Securities and Exchange Commission (SEC).
Atkins is the CEO and founder of the risk advisory firm Patomak Global Partners and served as an SEC commissioner from 2002 to 2008. If confirmed by the Senate, Atkins may change the direction of strengthening regulation from the current SEC chairman Gary Gensler to implementing more lenient policies.
Atkins has previously stated that the SEC’s enforcement actions have hindered the development of the U.S. cryptocurrency industry. During his tenure as co-chair of the Token Alliance (a cryptocurrency industry lobbying group), he has repeatedly called for reducing regulation on cryptocurrencies.