Cryptocurrency speculators still view the milestone $100,000 as their target level for Bitcoin, hoping that the incoming President Trump will take further steps to support the industry.
On Wednesday morning in Asia, Bitcoin's trading price hovered around $96,000, having risen more than 40% since Trump won the election on November 5. The president-elect plans to reverse the Biden administration's crackdown on digital assets.
Candidates supporting cryptocurrency are vying for the chair positions at the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission. Trump's transition team has also discussed whether to establish the first White House position dedicated to digital asset policy. On Wall Street, there are increasing signs that people are more willing to engage in this controversial market.
Trump's Goals
The president-elect has promised to make the U.S. the global cryptocurrency capital and even supports the idea of establishing a strategic national Bitcoin reserve, although there are doubts about the feasibility of the latter goal.
TD Cowen analyst Jaret Seiberg wrote in a report that Bitcoin reserves contradict Trump's view of the dollar as the world's key currency, which is "ironclad evidence."
"Trump is likely to continue to tout Bitcoin reserves on social media or mention it in speeches," Seiberg stated, "this is different from the heavy political capital required to achieve this goal."
Cryptocurrency supporter Paul Atkins is considered the best candidate to replace Gary Gensler as chairman of the U.S. Securities and Exchange Commission. Gensler has taken a series of enforcement actions against alleged violations and risks in the digital asset industry, which suffered a heavy blow in 2022, causing significant losses for investors.
Turmoil in South Korea
Due to a wave of risk aversion triggered by political turmoil, the prices of Bitcoin and other tokens (such as Ripple and Dogecoin) earlier diverged significantly from global levels in South Korea.
Due to the deepening rift with the opposition, South Korean President Yoon Suk-yeol implemented a state of emergency on Tuesday evening, but hours later, he canceled this shocking move after facing opposition from lawmakers. This caught global markets off guard, with Bitcoin's price on local exchanges briefly dropping below $72,000 on Tuesday.
According to tracking agency CoinGecko, the entire cryptocurrency market has seen a record surge since Trump was elected president, with a market cap increase of about $1.3 trillion. This rise has rekindled the fervor for digital assets reminiscent of the bubble period during the pandemic. On November 22, Bitcoin briefly approached $100,000, falling short by less than $300 before retreating.#ETH持续飙升
