{"id":10633,"date":"2024-12-06T11:38:17","date_gmt":"2024-12-06T11:38:17","guid":{"rendered":"https:\/\/digitaltradecenter.com\/index.php\/2024\/12\/06\/bitcoin-breaks-us103000-as-trumps-pro-crypto-appointments-spark-record-surge\/"},"modified":"2024-12-06T11:38:17","modified_gmt":"2024-12-06T11:38:17","slug":"bitcoin-breaks-us103000-as-trumps-pro-crypto-appointments-spark-record-surge","status":"publish","type":"post","link":"https:\/\/digitaltradecenter.com\/index.php\/2024\/12\/06\/bitcoin-breaks-us103000-as-trumps-pro-crypto-appointments-spark-record-surge\/","title":{"rendered":"Bitcoin Breaks US$103,000 as Trump\u2019s Pro-Crypto Appointments Spark Record Surge"},"content":{"rendered":"<\/p>\n

Bitcoin surged past the US$100,000 mark for the first time this week, reaching an all-time high of US$103,713 on Wednesday (December 4) amid growing optimism about positive regulatory changes in the US. <\/strong><\/p>\n

The popular cryptocurrency has been pushing higher since Donald Trump’s US election victory, and the latest rally was ignited when he said he plans to nominate Paul Atkins as chair of the US Securities and Exchange Commission (SEC).<\/p>\n

Atkins, a former SEC commissioner and cryptocurrency advocate, is expected to adopt a more favorable stance on digital assets, contrasting with the strict approach of outgoing SEC Chair Gary Gensler.<\/p>\n<\/p>\n

Bitcoin climbed swiftly following the news, stabilizing around the US$101,675 level by midday.<\/p>\n

Following its record-breaking performance, the total market cap of digital assets now exceeds US$3.8 trillion, nearly double its valuation at the start of the year, according to CoinGecko data. For comparison, this is slightly above the market cap of Apple (NASDAQ:AAPL), currently one of the world\u2019s most highly valued companies.<\/p>\n

The surge reflects Bitcoin\u2019s evolving role within the financial system, moving from a niche asset to a more widely accepted investment class. Aside from Trump, its key drivers include growing institutional adoption, advancements in blockchain-based financial systems and increasing integration of cryptocurrencies into mainstream markets.<\/p>\n

For instance, Virgin Voyages, a cruise company, has recently started accepting Bitcoin as payment for its US$120,000 annual cruise pass. This offering marks the first time a cruise operator has embraced a digital currency.<\/p>\n

Mike Novogratz, CEO of cryptocurrency firm Galaxy Digital (TSX:GLXY,OTC Pink:BRPHF), told Reuters the milestone is a turning point, highlighting how institutional investors are driving the momentum.<\/p>\n

‘Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream \u2014 this momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path,\u201d he said.<\/p>\n

As mentioned, Trump’s election victory in early November has also catalyzed Bitcoin, with the price rising by more than 50 percent since the vote. Trump\u2019s current Bitcoin stance marks a shift from his earlier skepticism of cryptocurrencies.<\/p>\n

The president-elect\u2019s evolving views on digital assets were reflected in his campaign initiatives, including accepting cryptocurrency donations and proposing a national strategy for managing Bitcoins seized in criminal cases.<\/p>\n

Political support from pro-crypto lawmakers alongside Trump has further bolstered investor confidence, as the Republican Party received significant backing from the cryptocurrency industry during the election.<\/p>\n

Trump took to Truth Social, his social media platform, after Bitcoin passed US$100,000, saying, ‘CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU\u2019RE WELCOME!!! Together, we will Make America Great Again!’ <\/p>\n

<\/strong><\/strong><\/strong><\/strong><\/p>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin surged past the US$100,000 mark for the first time this week, reaching an all-time high of US$103,713 on Wednesday (December 4) amid growing optimism about positive regulatory changes in the US. The popular cryptocurrency has been pushing higher since Donald Trump’s US election victory, and the latest rally was ignited when he said he <\/p>\n","protected":false},"author":1,"featured_media":10634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-10633","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"_links":{"self":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/10633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/comments?post=10633"}],"version-history":[{"count":0,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/10633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media\/10634"}],"wp:attachment":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media?parent=10633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/categories?post=10633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/tags?post=10633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}