Trump Cheers Bitcoin Surge as Cryptocurrency Tops $100,000 for the First Time

 Trump Cheers Bitcoin Surge as Cryptocurrency Tops $100,000 for the First Time

By Mr. Ram | CryptoEarningsHQ

Bitcoin (BTC-USD) surged past $100,000 on Thursday morning, peaking at $103,000 as optimism about a crypto-friendly environment under President-elect Donald Trump's administration continues to fuel the rally. The cryptocurrency has gained more than 40% since Trump's victory in November, and its price continues to hover around the $103,250 mark.

Trump celebrated the milestone, taking to his social media platform, Truth Social, to congratulate Bitcoin supporters. In his post, he praised the cryptocurrency's recent surge, attributing it to his election win and the anticipated shift in crypto regulations. Trump credited his pick for Securities and Exchange Commission (SEC) chair, Paul Atkins, as a key factor behind the rally. Atkins, seen as a crypto-friendly leader, is expected to push for more favorable regulations in the industry.

In his post, Trump highlighted Atkins' experience, calling him "a proven leader for common-sense regulations" who understands the importance of digital assets in America's future. Trump's support for the cryptocurrency market is further underscored by the transition team's ongoing discussions about creating a "crypto czar" position within the White House, a role focused on overseeing Bitcoin policy.

Optimism about Trump's crypto policies intensified after the announcement that SEC Chairman Gary Gensler will step down on January 20, 2025, which could signal a shift toward more lenient crypto regulations. Wall Street analysts predict that his successor, likely to be a more crypto-friendly figure, will embrace the digital asset space.

Investor excitement also grew after reports that Trump Media & Technology Group (DJT) is in talks to acquire crypto trading company Bakkt, potentially accelerating initiatives within the crypto industry.

Bitcoin's price surge has also been supported by increasing interest in Bitcoin exchange-traded funds (ETFs) and options linked to BlackRock’s Bitcoin ETF, which began trading in November.

While the crypto market is experiencing strong momentum, Oppenheimer’s Owen Lau cautioned investors to be mindful of potential volatility following Bitcoin's breakthrough above $100,000. He advised caution, noting that there could be selling pressure as the price hits major milestones.

By Mr. Ram | CryptoEarningsHQ