On November 16, the price of Bitcoin broke through $98,800, setting a new record high. This makes people think of the upcoming Trump inauguration and the new cryptocurrency policy. Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), will step down on January 20, 2025, the day Trump will be sworn in as president. Gensler's departure and the Trump team's friendly attitude towards cryptocurrencies have injected new expectations into the market.
Just after Bitcoin broke through the $98,000 mark, although there was a slight correction, the market's optimistic expectations for Trump's crypto-friendly policies remained unchanged. Trump's transition team is discussing the establishment of a dedicated cryptocurrency policy position, a move that has further pushed up Bitcoin prices in the past 24 hours. Since the beginning of this month, Bitcoin prices have soared by about 40%, and the market's expectations for breaking through the $100,000 mark are growing.
Mike Novogratz, CEO of Galaxy Digital, said: "The Trump team as a whole is pro-cryptocurrency. No matter who replaces Gensler, the future of Bitcoin may usher in a more friendly policy atmosphere." Trump even promised to explore the possibility of establishing a national Bitcoin reserve, completely subverting the previous regulatory logic of crypto assets.
Not only that, the inflow of funds into Bitcoin spot ETFs has also exploded. Since Trump won the election, BlackRock's Bitcoin ETF assets have increased by $13 billion. Recently, Trump's media and technology group is in acquisition negotiations with crypto trading company Bakkt. Such cooperation also indicates the possibility of more development in the crypto field.
Seeing this, you may have felt that the future of Bitcoin is full of opportunities and challenges. In this rapidly changing market, it is particularly important to grasp the first-hand information.
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