Bitcoin Surges Past $100,000 Once Again Amid Shifts In Regulatory Landscape
December 12 2024 - 1:30AM
NEWSBTC
Bitcoin (BTC) recaptured the vital $100,000 threshold on Wednesday,
following weeks of consolidation below it. This rebound has been
attributed to rising confidence in the digital currency sector’s
future regulatory environment under President-elect Donald Trump.
Bitcoin Price Nears Record Peaks The regulatory landscape is poised
for significant changes, particularly with Brian Quintenz emerging
as a strong candidate to lead the Commodity Futures Trading
Commission (CFTC). Quintenz, currently the head of policy at
a16z Crypto—Andreessen Horowitz’s digital asset division—and a
former Republican CFTC commissioner, is seen as a favorable choice
for the crypto community. Related Reading: XRP Price Defies
Bearish Crypto Trend, Rallies 6%: Key Drivers Revealed This follows
the recent selection of pro-crypto Paul Atkins to lead the US
Securities and Exchange Commission (SEC), giving him the ability to
turn the regulatory agency 180 degrees after years of leading a
regulation-by-enforcement crusade led by its retiring chair Gary
Gensler. Trump’s recent efforts to reverse a Biden administration
crackdown on crypto have contributed to Bitcoin’s recovery, which
reached an all-time high of $104,00 on December 5. Since then,
Bitcoin has fluctuated around the six-figure mark, indicating
sustained interest from investors. Alongside regulatory optimism,
expectations for a potential reduction in interest rates by the US
Federal Reserve (Fed) have also bolstered investor sentiment.
Bullish Sentiment Grows Following reports that US consumer-price
inflation met forecasts, speculators have increased their bets on a
new interest rate cut. This shift in monetary policy expectations
has had a positive impact on markets, propelling the tech-heavy
Nasdaq 100 stock index to a record high. Henry Elder, a principal
at UTXO Management, noted, “The market likes seeing inflation come
in within expectations,” adding that traders are currently
assessing whether $100,000 will act as a ceiling or a floor for BTC
prices. Trump has not only indicated a willingness to foster a more
favorable regulatory environment but has also supported the concept
of a strategic national Bitcoin stockpile. While the
feasibility of this idea remains debated, Eric Trump recently
expressed on Bloomberg Television that his father would be “an
unbelievable ally to the industry.” Related Reading: Solana Price
At $4,000? Cup And Handle Pattern Shows Why This Is Possible Since
Trump’s election victory on November 5, Bitcoin has surged nearly
50%, buoyed by approximately $11 billion in net inflows into US
spot Bitcoin exchange-traded funds (ETFs). Technical expert Ali
Martinez has added to the positive view for the flagship
cryptocurrency by stating that whales are aggressively buying dips.
Notably, 342 wallets with more than 100 BTC were created when
prices dropped from $104,000 to $90,000. This accumulation by major
holders fuels the positive mentality, with Martinez projecting the
Bitcoin price will hit $275,000 based on a cup-and-handle formation
on its one-week chart. Featured image from DALL-E, chart from
TradingView.com
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