Trump's pro-crypto SEC pick sparks bitcoin surge past $100,000

President-elect Donald Trump's nomination of a pro-cryptocurrency advocate to lead the U.S. Securities and Exchange Commission (SEC) has sent Bitcoin soaring to unprecedented heights, surpassing $100,000.Traders welcomed the prospect of lighter regulations, sparking a wave of optimism across the cryptocurrency market.

Bitcoin, the world’s largest cryptocurrency, surged more than 6% in Thursday’s Asian trading, briefly reaching $103,000 later in the day. Since Trump’s victory on November 5, the total cryptocurrency market has gained an astonishing $1.4 trillion in value.

Trump has tapped Paul Atkins, known for his crypto-friendly stance, to replace outgoing SEC Chairman Gary Gensler, whose tenure was characterized by stringent oversight of digital assets, particularly following the 2022 market collapse that exposed widespread fraud and major losses.

The rally coincides with a record $10 trillion in digital assets traded on centralized spot and derivatives markets in November. The surge highlights a growing interest in cryptocurrencies, bolstered by additional bullish comments from global leaders like Russian President Vladimir Putin.

At an economic forum in Moscow, Putin declared that Bitcoin and other virtual currencies cannot be banned, fueling further market enthusiasm.

According to Bloomberg's analyst Tony Sycamore of IG Australia, the question remains whether Bitcoin can sustain this momentum and break through persistent sell pressure.Despite this year’s 135% surge, skeptics highlight the notorious volatility of cryptocurrencies.

In a strategic pivot, digital content tools company Meitu Inc. sold its entire Bitcoin and Ether portfolio for $180 million, citing the current rally as “an excellent opportunity to secure significant profits.”

Bloomberg data reveals that U.S. Bitcoin exchange-traded funds (ETFs) have attracted net inflows of $32 billion in 2024, with $8 billion added since Trump’s election win.

Combined trading volumes for crypto and derivatives hit a record $10 trillion last month, according to CCData.

Trump’s administration promises to reshape the regulatory landscape for cryptocurrencies. He has vowed to reverse restrictions imposed by the Biden administration, appoint pro-crypto regulators, and position the U.S. as the global hub for digital assets.

In a bold proposal, Trump has even suggested creating a strategic national Bitcoin reserve—a controversial move sparking both excitement and skepticism among market observers.

As Bitcoin surges to historic highs, the world watches closely to see how Trump’s policies will influence the digital economy’s trajectory. With promises of a crypto-friendly regulatory environment, the future of cryptocurrencies under his leadership remains a critical question for investors and policymakers alike.