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Crypto market chief Bitcoin (BTC) zoomed previous the psychological $100K mark for the primary time in historical past after US President-elect Donald Trump nominated pro-crypto Paul Atkins to interchange Gary Gensler as the brand new Chair of the Securities and Change Fee (SEC).
BTC pumped greater than 9% within the final 24 hours to commerce at $102,104.55 as of 1:10 a.m. EST. This added to the crypto king’s weekly acquire and boosted Bitcoin’s market cap to above $2 trillion.
Trump Nominates Atkins As Gensler’s Alternative
Incoming US President Trump introduced in a Dec. 4 put up on Reality Social that he has nominated Atkins to interchange SEC Chair Gensler because the company’s chief. Within the put up, Trump famous Atkins’ former position as an SEC commissioner, including that he “strongly advocated for transparency and defending traders,” throughout his time on the regulator.
This nomination of a pro-crypto SEC Chair follows the guarantees made by Trump earlier this 12 months on the Bitcoin 2024 convention. On the occasion, the President-elect stated that he would fireplace Gensler throughout his first day within the White Home. Trump additionally promised to make America the crypto capital of the world.
Gensler has since introduced that he will likely be stepping down from his position on the SEC.
Fed’s Jerome Powell Says BTC Is Not A Competitor To The Greenback
Whereas BTC units a brand new all-time excessive, Federal Reserve Jerome Powell has stated that the main crypto isn’t a competitor to the U.S. greenback. Throughout a Dec. 4 look on the DealBook Summit in New York, Powell known as BTC a “speculative asset” just like “gold,” earlier than including that the one distinction is that Bitcoin is “digital” and “digital.”
Immediately…
Jerome Powell: “It’s identical to gold solely it’s digital. It’s digital. Individuals are not utilizing it as a type of cost or as a retailer of worth. It’s extremely unstable. It’s not a competitor for the greenback. It’s a competitor for gold.”
Vladimir Putin: “For instance, Bitcoin, who… pic.twitter.com/kWenz2kMJB
— Sam Callahan (@samcallah) December 4, 2024
“Individuals are not utilizing it as a type of cost or as a retailer of worth. It’s extremely unstable. It’s not a competitor for the greenback. It’s actually a competitor for gold,” Powell stated.
He additionally dismissed the concept that traders see Bitcoin as an emblem of a scarcity of religion within the US greenback.
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