Cryptocurrency speculators are maintaining Bitcoin near the pivotal $100,000 level, anticipating further supportive measures from U.S. President-elect Donald Trump for the industry.
As of Wednesday morning, the digital asset traded around $97,000, marking a 40% surge since Trump’s election victory on November 5. The Republican agenda includes reversing the Biden administration’s crackdown on digital assets.
Pro-crypto candidates are vying for leadership roles at the SEC and CFTC, while Trump’s transition team discusses creating the first White House position dedicated to digital asset policy. Wall Street shows growing enthusiasm for this once-controversial market.
👉 Bitcoin’s record-breaking rally explained
Trump’s Crypto Vision
The newly elected president pledged to establish the U.S. as the global hub for cryptocurrencies, even floating the idea of a strategic national Bitcoin reserve—though skeptics question its feasibility.
TD Cowen analyst Jaret Seiberg noted that a Bitcoin reserve conflicts with Trump’s staunch advocacy for the U.S. dollar as the world’s primary currency.
"Trump may still tout the reserve on social media, but mobilizing the political capital to achieve it is another matter."
Key Appointments:
- Paul Atkins, a crypto advocate, is the frontrunner to replace Gary Gensler as SEC chair.
- Gensler’s aggressive enforcement targeted non-compliance in the 2022 crypto crash, which wiped out investor wealth.
South Korea’s Market Shock
Earlier, Bitcoin and altcoins (e.g., XRP, Dogecoin) in South Korea deviated sharply from global prices due to political turmoil.
After imposing—and swiftly retracting—martial law amid clashes with opposition parties, the government’s abrupt moves triggered a flash crash, with Bitcoin briefly dipping below $72,000 on local exchanges.
👉 How political instability affects crypto markets
Market Recovery & FAQs
Post-Election Rally:
- The crypto market added $1.3 trillion since Trump’s win.
- Bitcoin first breached $100,000 on November 22 before correcting.
Frequently Asked Questions
Q: Why is Bitcoin surging under Trump?
A: Expectations of deregulation and institutional adoption are driving bullish sentiment.
Q: How does South Korea influence crypto prices?
A: Local demand and regulatory shifts create arbitrage opportunities, amplifying volatility.
Q: Is a U.S. Bitcoin reserve realistic?
A: Experts deem it unlikely due to logistical and ideological hurdles.