Bitcoin hit $105k just 48 hours before President Donald J. Trump’s inauguration. The market’s excitement has been palpable, as seen in Bitcoin’s recent move.
On January 17, Bitcoin hit the $105k mark following its steady increase from January 13, when it broke below the $90k level. As of the time of writing, Bitcoin is currently trading at $103k. This little retracement can be seen as investors finding a relatively low entry point again into the market before a massive rally.
President Trump’s comments and actions on crypto leading to his inauguration have been major instigators. His promises have included a significant U.S. crypto stockpile, industry-friendly policies, and appointing a crypto “czar” for his administration.
The pro-crypto president has matched his promises with action so far. His pick for the SEC chair is Paul Atkins, a strong crypto advocate. He has also appointed David Sacks as the crypto “czar” of his administration. President Trump’s appointments to crucial cabinet and regulatory posts have notably featured several cryptocurrency proponents.
Gensler Exits as Trump Steps In
Former SEC chairman and anti-crypto boss Gary Gensler announced he will be stepping down following President Trump’s victory. Considered an obstacle to crypto advancement, the former chair knows there’ll be no room for him in a pro-crypto administration.
Despite the criticisms around his administration, the former SEC chair asserts that “he’s proud of his office’s actions to police the crypto industry, which he said is rife with malicious actors,” according to his interview with Bloomberg.
Peter Van Valkenburgh, the executive director of the advocacy group Coin Center, commented, “As far as general expectations from the Trump Administration, I think one of the best things to bet on is a tone change at the SEC.”
At last year’s Bitcoin conference, Trump told crypto supporters that new regulations “will be written by people who love your industry, not hate your industry.”
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