Bitcoin Crosses $100,000 Mark Amid Increased Optimism Over Regulations and Positive Comments from Fed Chair Powell
Bitcoin surged to a record high of $101,438.9, crossing the coveted $100,000 mark for the first time, following increased optimism over friendly regulations under President-elect Donald Trump and positive comments from Federal Reserve Chair Jerome Powell.
Trump’s nomination of Paul Atkins to lead the US Securities and Exchange Commission was greeted with cheers from traders, as Atkins is a former SEC Commissioner and has shown support for the cryptocurrency. Atkins is set to replace incumbent SEC Chair Gary Gensler, who has led a crackdown on cryptocurrencies over the past two years.
Powell also injected optimism into the market when he compared Bitcoin to gold, rather than an alternative to the dollar, stating that it is a vehicle for speculation. This remark contrasts with previous negative views from the Fed, which some saw as bearish for the cryptocurrency.
The Bitcoin price has rallied around 140% so far this year, with most of its gains coming in November after Trump’s election victory. The President-elect has promised to enact crypto-friendly regulations, vowing to make America the “crypto capital” of the world.
