Trump's support brings optimism, and bitcoin breaks through $0.1 million for the first time.
US President-elect Trump's nomination of a cryptocurrency supporter to be the next head of the US securities regulatory agency has pushed Bitcoin to a record high of $0.1 million, as traders anticipate a relaxation of regulation in the digital asset industry.
During the Asian trading session on Thursday, Bitcoin rose over 3% to $0.1 million1555. Since Trump's victory in the US election on November 5, the total market value of the cryptocurrency market has increased by about $1.4 trillion (about 6.16 trillion).
Trump has chosen seasoned financial regulator Paul Atkins to succeed outgoing Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler, who cracked down on digital assets after the major crypto market crash in 2022 exposed various fraudulent practices and led to the closure of some prominent institutions.
Jason Tittma, CEO of cryptocurrency brokerage firm Swyftx, called this a momentum-driven uptrend. "Global spot trading volume is higher than mid-pandemic levels, and Paul Atkins' nomination as SEC chair has added to the euphoria."
Speculators are also digesting a speech by Russian President Putin. He stated at an economic forum in Moscow that no one can prohibit the use of Bitcoin and other virtual currencies.
On November 22, Bitcoin was less than $300 away from the $0.1 million mark, but then experienced a fallback. Supporters of cryptocurrency believe that reaching this milestone proves a controversial claim, that Bitcoin is a tool for modern value storage and hedging against inflation risks.
Trump has promised to appoint regulators friendly to cryptocurrency and establish a national Bitcoin strategic reserve. He is also considering creating the first-ever position related to the cryptocurrency market at the White House.
During the Asian trading session on Thursday, Bitcoin rose over 3% to $0.1 million1555. Since Trump's victory in the US election on November 5, the total market value of the cryptocurrency market has increased by about $1.4 trillion (about 6.16 trillion).
Trump has chosen seasoned financial regulator Paul Atkins to succeed outgoing Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler, who cracked down on digital assets after the major crypto market crash in 2022 exposed various fraudulent practices and led to the closure of some prominent institutions.
Jason Tittma, CEO of cryptocurrency brokerage firm Swyftx, called this a momentum-driven uptrend. "Global spot trading volume is higher than mid-pandemic levels, and Paul Atkins' nomination as SEC chair has added to the euphoria."
Speculators are also digesting a speech by Russian President Putin. He stated at an economic forum in Moscow that no one can prohibit the use of Bitcoin and other virtual currencies.
On November 22, Bitcoin was less than $300 away from the $0.1 million mark, but then experienced a fallback. Supporters of cryptocurrency believe that reaching this milestone proves a controversial claim, that Bitcoin is a tool for modern value storage and hedging against inflation risks.
Trump has promised to appoint regulators friendly to cryptocurrency and establish a national Bitcoin strategic reserve. He is also considering creating the first-ever position related to the cryptocurrency market at the White House.
Source of information: Nanyang Siang Pau
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