In-depth analysis uncovers the secrets behind market moves.

Bitcoin Tops $100,000 as Monster Rally Continues, Incoming Crypto-Believer SEC Chair, the Party is Not Over

Wallstreet InsightWednesday, Dec 4, 2024 10:10 pm ET

1min read

Bitcoin has finally topped the long-awaited $100,000 mark as the crypto-believer monster rally continues, and you should not expect the party to end soon.

After flirting with the psychological mark several times, the largest cryptocurrency has finally broken the $100,000 barrier, triggering more enthusiasm for digital assets.

The soaring came after Trump on Wednesday nominated former SEC Commissioner Paul Atkins to head the agency, and the Fed's Chair Powell's dovish stance on monetary policy.

Crypto supporter Paul Atkins would succeed Gary Gensler, who is known for his stringent enforcement actions against the crypto sector, and is stepping down. His replacement is expected to be more favorable toward digital assets. Atkins is a deregulation proponent and has always been critical of the several reforms after the global financial crisis in 2008.

Paul is a proven leader for common-sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and that provide capital to make our economy the best in the world, Trump said in a statement. He also recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before.

There is more belief that digital assets will take on a greater emphasis in the global financial system, as Trump and Atkins will support the growth further.

Trump has pledged to reverse the crackdown on digital assets imposed by the Biden administration and instead foster industry growth, including the establishment of a national Bitcoin reserve.

We're witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream, Mike Novogratz, CEO of Galaxy Digital, said in an interview.

Meanwhile, Fed Chair Powell on Wednesday said the U.S. economy is resilient and the envy of other large economies around the world. Markets are placing about a 75% probability that the Federal Open Market Committee will cut its key borrowing rate by a quarter percentage point.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.