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New York, December 5: Bitcoin has smashed through the $100,000 milestone, fueled by a dramatic rally following Donald Trump's presidential election victory. The cryptocurrency’s surge coincided with Trump’s signal for a more lenient regulatory stance on the crypto industry, marked by his decision to nominate Paul Atkins as the next chair of the Securities and Exchange Commission (SEC).
Atkins, a former SEC commissioner under President George W. Bush, has long advocated against excessive market regulation. His nomination is seen as a win for the cryptocurrency sector, contributing to Bitcoin's meteoric rise from $69,374 on Election Day to a record $101,512 on Wednesday. This surge comes just two years after Bitcoin plummeted below $17,000 in the wake of the FTX exchange collapse.
Despite the celebratory mood among crypto enthusiasts, experts remain divided on what lies ahead. While some foresee continued growth, others caution that Bitcoin's notorious volatility poses significant risks. Whether Bitcoin can sustain its position above $100,000 remains uncertain, as the unpredictable nature of the cryptocurrency market persists.