At the time of writing, the trading price of Bitcoin is $99,040.43. Most Bitcoin enthusiasts expect the market may reach the milestone of $100,000 within a few hours. Reports suggest that this Christmas may be a significant day for Bitcoin's achievements. Will the BTC market reach $115K by December 25? Let's take a look at the market situation.
The resilience of Bitcoin in a volatile market
MicroStrategy Inc's price has plummeted from $473.83 to $367.28—close to $16.155. Reports indicate that due to high implied volatility, traders are reluctant to buy call options at high levels, triggering a price drop in the MicroStrategy market. Before the drop, MicroStrategy's implied volatility soared to 200%. Notably, after the decline, it further surged to 270%.
Meanwhile, in the past 24 hours, the Bitcoin market has soared nearly 2.3%. On November 21, the BTC price was $94,356.13. Since then, it has experienced a growth of 4.96%.
This indicates that Bitcoin is becoming increasingly independent of movements in related assets.
Changes in SEC leadership and potential impacts
During the campaign, Donald Trump fiercely criticized the U.S. Securities and Exchange Commission's handling of issues related to the cryptocurrency industry, particularly its attitude towards the innovative industry under the leadership of SEC Chairman Gary Gensler.
Many closely connected to Republican leaders have hinted that once Trump takes office in the White House, Gary Gensler could be removed. Reports suggest that Gensler will voluntarily resign from this position before the new U.S. presidential inauguration scheduled for January 20, 2025.
Currently, little is known about who may succeed Gensler. Experts believe that whoever the successor is, they will be more open to the cryptocurrency industry than Gensler. There are rumors that the next SEC chairman could be an executive supportive of crypto, with extensive experience in dealing with issues related to the cryptocurrency industry.
Reports indicate that recently, Trump held secret meetings with several top cryptocurrency leaders, including Coinbase CEO Brian Armstrong. There is ample reason to believe that choosing Gensler's successor was one of the key topics during these meetings.
This development could have a positive impact on the cryptocurrency market, particularly the Bitcoin market.
In summary, Bitcoin's resilience amidst stock market fluctuations highlights its strength and independence. Meanwhile, the anticipated leadership change at the SEC may usher in a new era of regulatory clarity, greatly benefiting the cryptocurrency market in the coming months.
$BTC