Reports suggest that Trump is considering appointing pro-crypto advocates, including Mark Uyeda and Paul Atkins, as replacements for current SEC Chairman Gary Gensler, which could lead to reduced regulatory scrutiny on the industry.
“Bitcoin hit $89,600 – a key resistance level – before stabilizing around $88,300. The 9% daily rally came after news that Trump is considering pro-crypto candidates to replace SEC Chairman Gary Gensler,” said Edul Patel, CEO of Mudrex. “The surge also boosted trading in BlackRock’s spot Bitcoin ETF, which saw a record $4.5 billion in volume. Other major coins, including Ethereum and Solana, joined the rally, pushing the total crypto market cap to $3.1 trillion.”
Since the election, Bitcoin has been a standout performer, reaching $89,604 and achieving nearly a 30% gain since November 5. Trump has expressed his commitment to supporting digital assets, vowing to position the U.S. as the “crypto capital of the planet” and build a national Bitcoin reserve.
The rally was further bolstered by MicroStrategy Inc.’s acquisition of 27,200 Bitcoin for $2.03 billion, its largest purchase since the company began its Bitcoin strategy over four years ago. The software firm, known for its significant Bitcoin investments, acquired these tokens between Oct. 31 and Nov. 10. This purchase marks its biggest buy since December 2020, when it added 29,646 Bitcoin to its holdings.
Altcoins are also benefiting from the overall positive sentiment but have lagged against Bitcoin today. Ethereum leads with a 3% gain, inching closer to $3,350. Memecoins, especially Dogecoin, continue to lead the altcoin rallies.Meanwhile, BTC is now just $11,000 away from the $100K mark. Breaking one ATH after the other, Bitcoin has gained enough momentum to break the psychological mark of $100,000 within the year-end, said Alankar Saxena, Co-founder of Mudrex.”Currently, BTC has strong support at $75,600. If BTC maintains the momentum, it could likely have another jump to $90K, making its way to the $100K mark by the end of the year,” Saxena said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
