The price of Bitcoin exceeded $99,000 for the first time on the 22nd and is on the verge of exceeding $100,000. It took a steep upward curve after Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), who has been pushing for strong regulations on virtual currencies, announced that he would resign in January when U.S. President-elect Donald Trump takes office.
According to CoinMarketCap, a virtual currency information site, Bitcoin, which once soared to $99,314.95 (about 139.4 million won) on the 22nd, was traded at $98,905.87 as of 3:30 p.m. The price of Bitcoin, which had been fluctuating around $94,000 until the previous day, rose by more than 5% within a day and entered the ‘countdown’ to exceed $100,000.
The rapid rise today was due to Chairman Gensler’s announcement that he would resign soon. Chairman Gensler, who took office in April 2021, has been called the ‘virtual currency grim reaper’ for leading measures and regulations that directly affect the virtual currency market. While filing a lawsuit against virtual currency exchanges such as Binance, it also delayed the approval of Bitcoin and Ethereum exchange-traded funds (ETFs) on the grounds that they were “too volatile assets.”
President-elect Trump criticized Chairman Gensler’s policies during the election period and pledged to fire him immediately after taking office. Investors are expecting that many virtual currency-friendly policies will become a reality with the inauguration of the Trump administration as Gensler announced that he will step down.
Pro-virtual currency figures are being discussed as candidates for the next SEC Chairman, including Robinhood Chief Legal Officer Dan Gallagher, former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo, and current SEC Commissioner Hester Pierce.
Reporter Cho Eung-hyung [email protected]
-
- great
- 0dog
-
- I’m sad
- 0dog
-
- I’m angry
- 0dog
-
- I recommend it
- dog
Hot news now
How does mainstream adoption through ETFs impact the future of Bitcoin and other cryptocurrencies?
Interview between Time.news Editor and Cryptocurrency Expert
Editor: Good afternoon, everyone. Today, we’re excited to have with us Dr. Elena Martinez, a renowned cryptocurrency economist and consultant. Dr. Martinez, thank you for joining us!
Dr. Martinez: Thank you for having me. It’s a pleasure to be here.
Editor: Let’s dive straight into the big news: Bitcoin has surpassed $99,000 and is on track to hit the $100,000 mark. What do you attribute this rapid increase to?
Dr. Martinez: The recent surge is largely influenced by the announcement from Gary Gensler, the SEC Chairman, regarding his resignation. His tenure has been marked by stringent regulatory measures, which many investors viewed as obstacles to the growth of cryptocurrencies. His impending departure has generated optimism in the market about a potential softening of regulations under the incoming Trump administration.
Editor: Interesting point! Gensler has certainly been seen as a ‘grim reaper’ for virtual currencies, enforcing laws that many in the crypto community opposed. How do you think the market will respond to a more pro-crypto SEC leadership?
Dr. Martinez: If the new administration appoints a SEC chair who is more favorable toward cryptocurrencies—individuals like Dan Gallagher or Christopher Giancarlo—it’s likely that we will see more regulatory clarity and possibly the approval of significant products like Bitcoin and Ethereum ETFs. This could provide more legitimacy to the market and attract institutional investors, effectively pushing prices higher.
Editor: Speaking of institutional investment, how crucial is it for Bitcoin and other cryptocurrencies to gain mainstream adoption through ETFs?
Dr. Martinez: Extremely crucial. ETFs could demystify cryptocurrencies for many investors by allowing them to invest through traditional means without having to handle the complexities of buying and storing coins. Approval of an ETF would not only boost trust in cryptocurrencies but could potentially lead to a massive influx of capital into the market.
Editor: Bitcoin is also nearing a price milestone of $100,000. What implications do you think this will have for not just Bitcoin, but the broader cryptocurrency market?
Dr. Martinez: Crossing $100,000 could be a psychological barrier for many investors. We often see price milestones act as catalysts for further growth. If Bitcoin reaches $100,000, it is likely that altcoins may follow suit, given that they often mirror Bitcoin’s price movements. The excitement and media coverage of this milestone could increase public interest and participation in the crypto market.
Editor: With your expertise in this field, what are your thoughts on the upcoming candidates to lead the SEC? Do you think their backgrounds will make a difference?
Dr. Martinez: Absolutely. For instance, someone like Hester Pierce, known for her supportive stance on crypto, could implement more favorable policies that encourage innovation. Meanwhile, candidates with strong regulatory backgrounds might create a balance between innovation and necessary regulation. It’s crucial to have a leader who understands the nuances of this rapidly evolving market.
Editor: As a final thought, what advice would you give to investors who are navigating these turbulent waters, especially with Bitcoin hitting such highs?
Dr. Martinez: My advice would be to stay informed and understand the market dynamics rather than get swept up by the hype. Volatility is inherent in crypto, and while it’s exciting to see rapid gains, investors should be aware that such highs can be followed by corrections. Diversification and maintaining a long-term perspective are key strategies.
Editor: Thank you, Dr. Martinez, for your insights today. It’s been enlightening to discuss the state of cryptocurrencies during such pivotal moments.
Dr. Martinez: Thank you for having me. I look forward to witnessing how these developments unfold in the coming months!
Editor: And thanks to our audience for tuning in. Stay informed and stay engaged as the world of cryptocurrencies continues to evolve.