Bitcoin opened its doors to a beatific corridor -the $100,000 gravitational threshold -for the first time ever as it has become one among many expectations of the new Trump administration to create an eco-system that will embody cryptocurrencies within the hoped new paradigm. Following the election victory of Trump, Bitcoin gained 45% over four weeks’ time, along with pro-crypto lawmakers gaining seats in Congress.
It was last trading at $100,027, having recovered 2.2% from the previous session after briefly peaking at $100,277. Bitcoin for the first time in history has crossed over from being speculative to becoming really a mainstream financial instrument.
In his campaign, Trump vowed to make the U.S. “the crypto capital of the planet” and also promised to amass a national bitcoin reserve. Crypto investors reckon that, with the coming of Trump into the presidency, the stringent regulations set up by the current Chair of the Securities and Exchange Commission, Gary Gensler, will be lifted.
Meanwhile, Trump has nominated Paul Atkins, a prior commissioner at the SEC and knowledgeable of crypto policy, as his next Head of the SEC. Crypto companies such as Ripple, Kraken, and Circle are fighting for a place in Trump’s offered crypto advisory council, which will help to position their firms for action in the new regulatory scenarios.
Also Read: PTA Chairman Addresses Internet Slowdown and VPN Licensing Concerns
Moreover, optimism in the sector has been fueled by Trump’s personal interest in it. His company, Trump Media and Technology Group is poised to acquire cryptocurrency trading platform Bakkt, while his newfound venture, World Liberty Financial, evidently points to his interest in the crypto space.
The recent rally in Bitcoin, which had dipped to below $16,000 at the end of 2022, is driven by the approval of bitcoin exchange-traded funds (ETFs) this year, which have managed to pull in a great deal of institutional investment. In total, more than $4 billion has flowed into US-listed Bitcoin ETFs since Trump’s election, strengthening Bitcoin’s position in the financial world.