Bitcoin Exceeds $100,000 on Trump’s Pro-Crypto Pick for the SEC

05 Dec 2024

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President-elect Donald Trump’s pick of a crypto proponent to be the next head of the US securities regulator lifted Bitcoin to $100,000 for the first time as traders warmed to the prospect of relaxed regulations, Bloomberg reported.

but pivoted as the sector unleashed an election campaign war chest to further its interests.

“Investors must remember that an asset doesn’t go up in a straight line forever,” said Josh Gilbert, market analyst at eToro. “Drawdowns for Bitcoin are par for the course, but it feels like it’s going to take something big to slow down Bitcoin right now.”

Mt. Gox

Meanwhile, the bankrupt Mt. Gox crypto exchange on Thursday moved more than $2.4 billion worth of Bitcoin to an unnamed digital-asset wallet, according to blockchain intelligence company Arkham Intelligence. Mt. Gox activity sometimes raises concerns about a supply overhang from creditors looking to sell returned Bitcoin, but traders appeared to shrug off the transfer.

The crypto market outside of Bitcoin was mixed. Meme-crowd favorite Dogecoin rallied, Ether was steady and XRP retreated. The pattern of trading indicated investors were diverting some funds to market-leader Bitcoin.

There was little spillover into broader markets from Bitcoin’s historic advance. Global stocks and Treasury yields treaded water, while a dollar index dipped.