The period of Bitcoin continuously setting records was extended when this afternoon, the world's largest digital currency surpassed the 97,000 USD mark.
After jumping to 94,000 USD yesterday, Bitcoin (BTC) shook back down by 2,000 USD as profit-taking pressure continued to loom. However, the upward momentum was soon reignited in the evening. Around 11 PM, the world's largest digital currency advanced to 94,902 USD per unit.
The chart attempted to round up to 95,000 USD but failed, the market price encountered a shake back down to a lower range. By early this morning, BTC experienced an upward movement but continued to not reach the aforementioned mark.
Around 6:30 AM, this digital currency had a new accumulation rhythm, rising more than 3% compared to the same time yesterday. Since then, Bitcoin has repeatedly approached 95,000 USD, but the buying power has not been strong enough to support the market price above this short-term resistance level.
This digital currency surpassed 95,000 USD per unit and rose to 97,000 USD this afternoon. This level is more than 5% higher in the past 24 hours. Bitcoin then repeatedly tested the 98,000 USD mark successfully.
The market bounced back as Donald Trump is considering creating a dedicated position for digital currency in the White House. Bloomberg reported that this elected president is discussing with major executives in the industry to decide whether this role is necessary.
The preparation to create a dedicated position for the first time in history emphasizes the prominent role of digital currency in the Trump administration. In July, he announced that if elected, he would create a 'national strategic Bitcoin reserve' and make the U.S. the 'digital currency capital of the world.' He also expressed a desire for Bitcoin to be created in America, positioning the country to lead in this field.
Bloomberg reports it is unclear whether this new position will be like a White House staff member or a 'digital currency governor' to coordinate policy among federal agencies. What is quite certain is that the chosen person will have a team of subordinates and they will serve as intermediaries between the President, Congress, and various federal agencies, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
At the same time, Trump's transition team is reviewing current and former CFTC officials to fill the chair position of the financial regulatory agency. Reuters reported that Summer Mersinger, a Republican CFTC commissioner who has called for a more lenient stance on digital currency, is among those being considered to head the agency. Mersinger has opposed the CFTC taking actions against digital currency companies.
Additionally, on November 19, Trump selected Fitzgerald Howard Lutnick, CEO of the Cantor Fitzgerald financial services firm, as the Secretary of Commerce. He is also known as one of the first billionaires to promote the development of the digital currency industry.
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