Bitcoin rose as much as 6.1% to $103,801 on Thursday before easing back. The crypto market overall has jumped by roughly $1.3 trillion since Trump’s election victory on Nov. 5 on a platform that includes a tight embrace of the crypto sector. The reason was President-elect Donald Trump’s pick of a crypto proponent to be the next head of the US securities regulator as he selected Paul Atkins to replace outgoing Securities & Exchange Commission Chair Gary Gensler, who cracked down on digital assets after a 2022 market rout exposed fraudulent practices and sparked costly blowups.
Trump has vowed to undo a Biden administration clampdown on digital assets, install friendly regulators and turn the US into the global home of crypto. The Republican even backed the idea of a strategic national Bitcoin reserve, though there are doubts over whether the latter objective is feasible.
Trump used to be a crypto skeptic but pivoted as the sector unleashed an election campaign war chest to further its interests.
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