Bitcoin hits $100K after Trump picks pro-crypto SEC head
Dec. 05, 2024 6:48 AM ET
By: Liz Kiesche, SA News Editor
 Peshkova/iStock via Getty Images
Bitcoin ( BTC-USD) surged to the long-sought $100K mark on Thursday, as the largest crypto by market cap resumed its rally with President-elect Donald Trump's selection of Paul Atkins to head the Securities and Exchange Commission.
In his announcement of the nomination, Trump wrote that Atkins "recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before," providing assurance that the new SEC head will reverse Gary Gensler's hard-line stance against cryptocurrencies.
The highest-profile token ( BTC-USD) climbed to $102.5K at 6:37 AM ET. Since Nov. 6, when Trump was voted in as the next U.S. president, BTC has jumped 48%, underscoring investors’ optimism about Trump’s commitment to a favorable crypto environment.
Ethereum ( ETH-USD) climbed 5.9%, dogecoin ( DOGE-USD) gained 7.3%, solana ( SOL-USD) rose 1.6%, cardano ( ADA-USD) increased 0.4%.
With bitcoin ( BTC-USD) dominating headlines, crypto-focused stocks, such as MicroStrategy (NASDAQ: MSTR) +6.7%, Coinbase Global (NASDAQ: COIN) +3.4%, MARA (NASDAQ: MARA) +5.4%, Riot Platforms (NASDAQ: RIOT)+4.6%, all changed hands in the green during premarket trading in the U.S.
In addition to optimism over Trump’s crypto plans, bitcoin’s ( BTC-USD) meteoric rise has been backed by two catalysts: MicroStrategy’s ( MSTR) aggressive BTC-buying program and the market debut of options tied to the iShares Bitcoin Trust ETF (NASDAQ: IBIT). |
