3 Key Reasons Why Bitcoin Price Is Rising Today
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Bitcoin price has surged past the highly anticipated $100K milestone, reaching a new all-time high of $103,850. The rally was driven by key factors, including the appointment of pro-crypto Paul Atkins as the next U.S. SEC Chair following Gary Gensler’s upcoming departure on January 20. Additionally, strong institutional buying and substantial inflows into BlackRock’s Bitcoin ETF (IBIT) further fueled the momentum behind this historic price surge. Three Reasons Behind the Bitcoin Price Rally to $103K 1. Donald Trump Appoints Paul Atkins As Next US SEC Chair On Wednesday, December 4, Donald Trump finally made the announcement that SEC Commissioner Paul Atkins will be the next US SEC Chair replacing Gary Gensler. The appointment of pro-crypto Atkins has pushed Bitcoin price and the overall crypto market into a strong rally. This development has made the crypto industry optimistic about pro-crypto policies coming to the US very soon. Ripple CEO Brad Garlinghouse immediately celebrated this development along with US Senator Cynthia Lumis calling it a big win for the crypto industry. Garlinghouse said that Atkins will bring some “common sense” back to the agency. Responding to this, Ripple’s Chief Legal Officer Stuart Alderoty wrote: “The triumvirate of Atkins, Peirce, and Uyeda at the SEC will not only bring common sense back to the agency, but true investor protection as well”. However, there are a few questions that remain for the next SEC Chair. It will be interesting to see whether Paul Atkins works with the US government to build the country’s strategic Bitcoin reserve. 2. BlackRock Bitcoin ETF Crosses $50 Billion AUM Supporting Bitcoin Price Rally BlackRock’s iShares Bitcoin Trust ETF (IBIT) has finally crossed the important milestone of $50 billion in assets under management, which is supported by strong inflows and a Bitcoin price surge of $100K. The most important thing is…
Filed under: News - @ December 5, 2024 10:23 am