BUSINESS-ECONOMY
Bitcoin soars past a new record of 100,000 dollars for the first time. This comes as traders warmed up to the idea of easier rules, spurred by President-elect Trump's pick of a crypto advocate to lead the US securities regulator, the US Securities and Exchange Commission (SEC). Early on Thursday, the OG token rose past the historical and psychological six-figure mark. This comes after Bitcoin jabbed at the 100,000-dollar level several times for the last two weeks. Since Trump's victory a month ago, the crypto market has soared by around 1.4 trillion dollars. That is largely thanks to his agenda, which includes a strong embrace of crypto. Paul Atkins has been nominated by Trump to succeed Gary Gensler as chair of the Securities and Exchange Commission. Gensler went after digital assets following a market crash in 2022 that exposed fraudulent activities and caused expensive blowups. But the nomination of Atkins as Wall Street's new cop points to easier regulations and a pro-crypto administration. The OG token has risen substantially since Trump's win, with record inflows into Bitcoin ETFs in November. Previously, the crypto token came within 300 dollars of the six-figure mark on November 22. Russian President Vladimir Putin emphasised that no one can ban Bitcoin or other virtual currencies. That also boosted bets on the OG token, which has risen over 135 per cent this year. On the other hand, critics highlight the volatility of Bitcoin. They question how much further the chart-bursting rally can go. (With inputs from the agencies) A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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