The bitcoin surge followed President-elect Donald Trump’s announcement of Paul Atkins, a known cryptocurrency advocate, as the next chair of the Securities and Exchange Commission (SEC).
At 4:17 p.m. ET on Wednesday, BTC was back down below the $99K range between $98.4K to $98.8K.
Atkins’ appointment signals a potential shift in regulatory tone, which many in the cryptocurrency community view as favorable for the industry. Analysts attribute the sharp price increase to market optimism that the SEC may adopt a more progressive stance toward digital assets under his leadership.
Many believe Paul Atkins’ history suggests a balanced approach to regulation. The market is reacting to the possibility of clear, supportive frameworks for blockchain technologies, rather than Gary Gensler’s regulation by enforcement.
The surge highlights bitcoin’s status as a highly responsive asset, often influenced by macroeconomic and political developments. Investors appeared to interpret the news as a step toward mainstream acceptance, fueling increased buying activity throughout the day.
Bitcoin’s price movement today illustrates its dual nature as both a store-of-value and(SoV) asset and a barometer for broader trends in technology and finance. With Atkins poised to take the helm of the SEC, the industry awaits further clarity on how this leadership change might shape its trajectory.
