Bitcoin price hovers, crypto market focuses on Trump's actions and SEC leadership battle

Recently, as Bitcoin price approaches the $100,000 mark, the cryptocurrency market is closely focusing on the follow-up actions of US President-elect Trump. Currently, candidates who support cryptocurrency are competing for leadership positions in the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and analysts believe that this may become the next catalyst for Bitcoin.

It is reported that Paul Atkins, who supports cryptocurrency, is seen as a hot candidate for the next SEC chairman. The current chairman, Gary Gensler, has taken enforcement actions against non-compliant behavior and risky operations in the digital asset field, which led to the market crash in 2022 and heavy losses for investors. The Trump transition team is also discussing whether to establish the first White House position dedicated to digital asset policy, and all signs show that Wall Street is more open to this controversial field. The Republican Party plans to overturn the Biden government's policy to crack down on digital assets, and market confidence has been boosted. Since Trump won the presidential election on November 5, the cryptocurrency market has increased its market value by about $1.3 trillion, a record high, and the price of Bitcoin has risen by more than 40%, now at $96,649.35.

Previously, Trump promised to make the United States the global capital of cryptocurrency and supported the idea of ​​establishing a strategic Bitcoin reserve, but the market was skeptical about the feasibility of the latter. TD Cowen analyst Jaret Seiberg pointed out in a report that the concept of Bitcoin reserves contradicts Trump's firm stance on the dollar as a key global currency.

In addition, it is worth noting that South Korea's political turmoil last night once increased market risk aversion and affected the local cryptocurrency market price. President Yoon Seok-yeol announced the first martial law since 1980 late at night. Although it lasted only more than six hours before being lifted, the global market was still affected, and the price of Bitcoin on local exchanges once fell below $72,000.