December 5 will be a celebrated day in Bitcoin’s history. Bitcoin(BTC) reached its all-time high of $103,600 on Thursday and continues its bullish market momentum. The entire crypto community was waiting for this moment to come and believes that this trend will continue in the future as well. Bitcoin showed an unprecedented price surge after Donald Trump’s victory in the presidential election, and the trend hasn’t changed a bit yet.
Bitcoin Price Reached in the Historic Figure!
The price surge of bitcoin is the hot news in the cryptocurrency ecosystem. The entire crypto community is thrilled and excited about this unparalleled price spike even though it was an expected one. This price hike of BTC made it the seventh-largest asset by market capitalization in the world. Bitcoin reached its all-time high price on Thursday and reportedly reached $103,600. Experts from the cryptocurrency arena believed that BTC reaching this figure was imminent and it was just a matter of time. The coin was created in 2009 and it has reached a six-figure value in fifteen years.
The story of Bitcoin changed right after the result of the American presidential election and Donald Trump’s victory over Vice President Kamala Harris. Donald Trump’s pro-crypto attitude and his crypto policies are the sole reasons for this unprecedented price soar of Bitcoin. Other cryptocurrencies in the market are showing the same bullish trend after Trump’s victory.
Apart from Trump’s victory, the stepping down of Gary Gensler from the chairperson position of The Securities and Exchange Commission could be another reason for this increased market performance of cryptocurrency projects. According to the latest news, the former SEC commissioner Paul Atkins is the leading candidate to replace Gary Gensler. The introduction of a pro-crypto individual like Paul Atkins will boost the market even more.
Investors and traders are closely monitoring this price surge and are ready to make appropriate investment decisions on Bitcoin. Bitcoin is currently in its golden era and people across the country are amazed with its unparalleled run in the cryptocurrency market.
The Role of American Politics in the Bitcoin Price Surge!
American politics and their political environment are major factors in this extraordinary price fluctuation of BTC and other cryptocurrencies. The story of the BTC price surge originated right after the victory of a pro-crypto candidate in the United States Presidential election. Donald Trump used his pro-crypto approach and transformational policies regarding the cryptocurrency system as the primary promotional strategy during his election campaign. This was a major factor in the United States election and one of the key determinants of the final verdict.
The primary cause of this remarkable spike in Bitcoin’s price is still Trump’s victory. Numerous investors were drawn to the market by his pro-crypto stance, new rules, and compliances pertaining to the cryptocurrency space. Investors are certain that Trump’s second visit will benefit both them and the bitcoin community as a whole. Donald Trump made his remarks in public during the 2024 Bitcoin Conference.
“If I am elected, it will be the policy of my administration, the United States of America, to keep 100 percent of all the Bitcoin the US government currently holds or acquires into the future, If crypto is going to define the future, I want it to be mined, minted and made in the USA,”
The significance and impact of these words on cryptocurrency were not a limited one, this paved the way for Trump’s victory and was a game-changing factor for both US politics and the crypto market.
The Departure of Gary Gensler and BTC Price Surge!
Gary Gensler’s departure from the head of The Securities and Exchange Commission is a potential reason for this unparalleled price variation of BTC and other crypto coins. Gensler was a strong rejectionist of cryptocurrency projects. The SEC has initiated so many actions against the users of the crypto industry and charged them with fraud and potential wash trading. The crypto industry was never an optimal one under Gary Gensler.
The news of his departure has made enough discussions in the crypto sphere and BTC showed a decent price spike at that time. Gary will most likely step down from his position on January 20. So the regime under Gary Gensler and the hard time for crypto players will end soon. This can be a catalyst for all crypto projects including Bitcoin.
The cryptocurrency industry will show an enhanced blooming in the future with the potential appointment of Paul Atkins as the chairman of The Securities and Exchange Commission. Paul Atkins was a former commissioner of the Securities and Exchange Commission and most importantly he is a cryptocurrency advocate who actively promotes the cryptocurrency system and projects. The healing process of the cracked-down cryptocurrency system under Gary Gensler’s regime will be the top-tier priority and aim of Paul Atkins. From the appointment of Paul Atkins, we can confirm that Trump is all set to make the cryptocurrency system an advanced and enhanced one.
These political factors have a major role in the cryptocurrency markets and it is one of the leading factors of this enhanced market performance of bitcoin and its advanced price spike. The trend will most likely continue since the political conditions for cryptocurrency projects are optimal.
