Despite a notable pause in its upward trend, Bitcoin (BTC) is approaching the landmark $100,000 mark, fueled by expectations of supportive policies for the sector from US President-elect Donald Trump.<\/p>\n
On Tuesday, the largest digital asset traded above the key $95,000 mark, acting as support for the past 24 hours. This reflects a remarkable surge of over 40% since Trump\u2019s election victory on November 5.<\/p>\n
Trump\u2019s administration is expected to reverse the Biden administration\u2019s stringent regulations on digital assets, which could significantly alter the landscape for cryptocurrencies in the US.\u00a0<\/p>\n
The Republican party is already positioning crypto-friendly candidates <\/a>to lead key regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).\u00a0<\/p>\n Additionally, discussions within Trump\u2019s transition team have included the potential creation of a dedicated White House position focused on digital-asset policy.<\/p>\n President-elect Trump has voiced ambitions to establish the US as the global hub for cryptocurrency, even proposing the concept of a national Bitcoin reserve. However, analysts express skepticism about the practicality of this idea.\u00a0<\/p>\n Jaret Seiberg from TD Cowen noted <\/a>that while Trump may advocate for a Bitcoin reserve in public forums, it would require significant political capital to implement, especially given his firm stance on maintaining the US dollar\u2019s status as the world\u2019s primary currency.<\/p>\n Crypto advocate Paul Atkins<\/a> is considered a strong candidate to replace outgoing SEC chairman Gary Gensler. The current chair officially announced <\/a>his resignation last week, effective January 20, the day of Trump\u2019s inauguration.<\/p>\n Gensler has played a key role in enforcing compliance<\/a> in the digital asset space, especially after a tumultuous 2022 that saw a significant market downturn and significant financial losses for investors following the implosion of the once Sam Bankman-led FTX exchange.<\/p>\n Bitcoin and other cryptocurrencies, such as XRP <\/a>and Dogecoin (DOGE), have experienced notable price discrepancies in South Korea due to local political instability.\u00a0<\/p>\n Following the imposition and subsequent rescinding of martial law by President Yoon Suk Yeol, Bitcoin\u2019s price on South Korean exchanges<\/a> dipped below $72,000 at one point, reflecting heightened risk aversion among investors.<\/p>\nPolitical Instability In South Korea Drives Bitcoin Prices Below $72,000<\/h2>\n