Description: Bitcoin prices hits a new milestone, after Mr. Trump appoints the new Pro- crypto SEC chair, bringing a wave of optimism among the crypto currency community.
The 100,000$ unbelievable level for Bitcoin has finally been breached. This number has been a point of concern for the entire industry. Now it is seen as a barrier that the Bitcoins price can easily pass. In the last few days President Trump has appointed a chair of the SEC who is favorable towards the growth of Cryptocurrency in the US. Such measures are predicted to increase the number of players in the market, leading to increased trading volumes. In addition, many are convinced that the funds will return to the market when there is increased confidence in the crypto space.
Bitcoin Prices Hits Record
Emerging interest in Bitcoin has led to an increase in interest towards Bitcoin. The price surge for such currencies are expected due to institutional interest. And conversion of existing investors who are invested in the assets or currency. Investors believing that Bitcoin is not only an investment but an active asset which holders may rely on is followed through in action. These assets are growing in value overtime and the price has already earned a strong value in itself. It is a store of value type investment and this makes it quite appealing to numerous investors.
The increase in price of Bitcoin is viewed as an indicator of the strength of the crypto market as a whole and even many altcoins are making gains.
Experts assign the rise in the price of Bitcoin to the overall strength of the crypto market which is followed intensely by altcoins. Nevertheless, it is Bitcoin that remains an important hallmark in the crypto world, almost symbolizing the very gold standard in digital currency. Today, the market cap of Bitcoin is far beyond $2 trillion, establishing it as one of the most valued assets globally.
The Trump Effect- SEC chair appointed
While virtually everything about Bitcoin is mentioning such factors, the speed that accompanies its rally can be traced back to the appointment of a pro-crypto SEC chair by former President Donald Trump. The financial world now hears this piece of news with a bang; it is more like an arrow to the financial world for it says that the U.S. government will have a very different relationship with cryptocurrency compared to before. The new SEC chair, has decided to take on more digital asset regulation. The situation has induced an atmosphere of uncertainty for a wide variety of crypto investors and business operators, prompting some to demand more transparent and constructive regulation.
With the appointment of the new SEC chair, the mood has shifted. The chair has placed a premium on innovation and has indicated that the SEC should serve as a catalyst for growth, but guardian of consumer welfare, rather than a regulatory force, strangling the life out of the field by excessively tight regulation. This method is predicted to offer a higher degree of clarity and stability both for practitioners of the virtual currency business, and consequently, for market participants in the virtual currency business.
Impact on Crypto Market
Although Bitcoin has been the main winner of this recent boom, the rest of the cryptocurrency market has also gained substantially. Altcoins, including Ethereum, Binance Coin, and Solana, have all gone through sharp price increases, driven by the general positive sentiment towards digital assets.
Ethereum, the second-largest cryptocurrency in terms of market cap, has experienced a growth spurt owing to the proliferation of decentralized finance (DeFi) and non-fungible tokens (NFTs) which are both based on the Ethereum blockchain. With increasing number of applications deployed on Ethereum network, demand for Ether (ETH), the native cryptocurrency of the Ethereum blockchain, has grown exponentially. This caused greater investor appetite towards Ethereum, and hence the coin’s price also rose.
The selection of a pro-cryptoic SEC chair is also considered a milestone on the way to the popularisation of altcoins. As the SEC has become more helpful of the crypto space, there will be less regulatory pushback against altcoins, which could pave the way for more innovation and expansion of the crypto space. This may result in a wider, more competitive cryptocurrency market, with a variety of digital assets coexisting alongside Bitcoin.
