The decision of President-elect Trump of the United States to nominate a cryptocurrency supporter as the next head of the US Securities and Exchange Commission has pushed bitcoin to a record high of $0.1 million, with traders expecting a relaxation in regulation of the digital asset industry.
During the Asian trading session on Thursday, bitcoin rose more than 3% to $0.1 million1555. Since Trump's victory in the U.S. election on November 5th, the total market value of the cryptocurrency market has grown by about $1.4 trillion (about $6.16 trillion).
Trump has chosen experienced financial industry regulator Paul Atkins to succeed Gary Gensler, the outgoing chairman of the Securities and Exchange Commission (SEC). Gensler exposed various fraudulent activities in the cryptocurrency market during the major drop in 2022, leading to the crackdown on digital assets after some renowned institutions collapsed.
Jason Tittma, CEO of the cryptocurrency brokerage firm Swyftx, said this is a momentum-driven market surge. "Global spot trading volumes are higher than during the mid-pandemic period, and the nomination of Paul Atkins as SEC chairman has added to the celebratory atmosphere."
Speculators are also digesting Russian President Putin's speech. He stated at an economic forum in Moscow that no one can prohibit the use of Bitcoin and other cryptocurrencies.
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...