Bitcoin Surge: Hits $100,000 Mark

Written by Z, Enzo

Last updated: 2024-12-05

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Bitcoin Surge: Hits $100,000 Mark
On Thursday, Bitcoin skyrocketed to an unprecedented level, surpassing $100,000 for the first time and reaching a new all-time high of $103,619. This remarkable milestone, which even skeptics are hailing as a significant step forward for digital assets, was fueled by investors’ Optimism in a potential U.S. administration that is expected to be crypto-friendly. The nomination of pro-crypto Paul Atkins to head the Securities and Exchange Commission by U.S. President-elect Trump further bolstered the crypto market, causing a surge of about 6% on the day. As of now, Bitcoin is trading at $102,650, solidifying its position in the financial markets.

How did Atkins’ nomination as SEC chair influence Bitcoin’s rise to $100,000?
What’s Behind Bitcoin’s Surge Since Trump’s Election Win?

How did Atkins’ nomination as SEC chair influence Bitcoin’s rise to $100,000?

Just hours after Atkins’ appointment as Trump’s SEC chair, Bitcoin surged to $100,000, marking a new milestone. This remarkable feat follows a post-election rally that saw Bitcoin skyrocket to over $74,000 after Trump’s projected presidency win on November 6th, with a stunning $6,000 one-day jump. A week later, it soared to $90,000, extending its upward trajectory. So far this year, Bitcoin has delivered an impressive 130% gain, significantly driven by the post-election rally, outperforming the S&P 500’s 28% increase over the same period.

What’s Behind Bitcoin’s Surge Since Trump’s Election Win?

Mike Novogratz, CEO of U.S. crypto firm Galaxy Digital, declares, “We’re seeing a paradigm shift.” Bitcoin has surged over 50% in the past four weeks, following Trump’s election win and the election of numerous pro-crypto Congress members. This year, Bitcoin’s value has more than doubled. Novogratz adds, “Bitcoin and the entire digital asset ecosystem are poised to enter the financial mainstream, driven by institutional adoption, tokenisation and payment advancements, and clearer regulatory guidance.