On Thursday (November 28), Bitcoin rebounded above $96,500 before retreating to around $95,700. Dogecoin surged more than 8% on the day, with the first Dogecoin Exchange Traded Product (ETP) announced for launch in the Nordics. Bloomberg cited sources revealing that President-elect Donald Trump's transition team has interviewed senior financial regulator and conservative financial insider Paul Atkins as a candidate for SEC chairman.
Trump team interviews 'Atkins' expected to succeed SEC chairman
Sources indicate that Atkins is the top candidate to succeed departing SEC chairman Gary Gensler, but they are not authorized to speak publicly. They stated that Trump is expected to make a choice in the coming days, and no decision has been made yet.
According to U.S. media reports, current SEC commissioner Mark Uyeda, former CFTC chairman Heath Tarbert, and Willkie Farr & Gallagher LLP partner Robert Stebbins are also under consideration.
A spokesperson for Trump, Caroline Leavitt, stated, 'Trump has made wise decisions at lightning speed regarding who will serve in his second administration, with the rest of the decisions to be announced by him in due course.'
Atkins served as a Republican commissioner of the SEC during the George W. Bush administration and later founded Patomak Global Partners, a consulting firm for major financial industry clients.
He is a strong supporter of digital assets and fintech companies and has testified before Congress on exploring how to restructure the agency's operations and reduce what some industry insiders perceive as redundant or overly burdensome regulations.
Trump promised to fire Gensler on 'day one,' as he has announced he will leave his position on January 20, 2025. Following a series of notable collapses, including the failure of the FTX cryptocurrency exchange led by Sam Bankman-Fried, Gensler's SEC set forth an ambitious agenda to crack down on cryptocurrencies.
Bloomberg points out that the cryptocurrency industry often criticizes Gensler for making regulations through enforcement rather than clarifying how to comply with rules, and this approach may change with the new administration. Trump described cryptocurrencies as a scam against the dollar during his campaign but later welcomed them. He promised supporters that he would establish a strategic Bitcoin reserve, appoint cryptocurrency-friendly regulators, and end the outgoing administration's 'anti-cryptocurrency campaign.'
Under the leadership of the new head, the SEC is expected to continue focusing on its core work: rooting out fraud, combating insider trading, stopping Ponzi schemes, and curbing inaccurate, misleading, or overly exaggerated disclosures.
The first Dogecoin ETP launches in the Nordics
Bitcoinist reports that Valour Inc. has launched a Dogecoin ETP on the Swedish Spotlight Stock Market, marking the world's first Dogecoin ETP listed in the Nordics. According to the press release, the new Dogecoin ETP will effectively expand the product offerings and audience of decentralized finance (DeFi) companies. Currently, Valour provides access to various regulated digital asset ETPs, including Bitcoin, Ethereum, and many mainstream cryptocurrencies.
The company has about 40 ETPs on the exchange, with total assets under management (AUM) of $609 million. With the new Dogecoin ETP, Valour can extend services to new markets and investors, while Dogecoin is expected to gain broader adoption.
Valour revealed that the recently launched Dogecoin ETP will allow investors to gain smoother access to this popular meme coin, giving them insight into its market performance without the risks or complexities of directly owning cryptocurrencies.
Valour's product chief Elaine Buehler revealed this latest development, stating that the launch of the world's first Dogecoin ETP marks an important milestone that aligns with the company's mission to democratize digital assets. Additionally, she expressed excitement about launching a product that captures the essence of the active Dogecoin community and market influence.
Bitcoin Technical Analysis
It suggests that successfully reaching the awaited target of $95,820 and attempting to break through it indicates more upward movement is likely in the upcoming trading days, paving the way for a new rally, expanding the price target to $100,000 as the next major station.
Considering that failing to confirm a breakout above $95,820 will put negative pressure on the price, the target is to test $91,855 again.
