Trump's Crypto-Friendly SEC Appointment Fuels Bitcoin Rally
The cryptocurrency market witnessed a dramatic surge following former U.S. President Donald Trump's announcement appointing Paul Atkins—a known cryptocurrency advocate—as the new SEC Chairman. Bitcoin soared to an unprecedented $104,028 per coin** (≈HK$811,418), marking a 9% intraday gain** and breaking the psychological $100,000 barrier for the first time.
Trump described Atkins as "a recognized leader in commonsense regulation" who understands how digital assets can strengthen the U.S. economy. Analysts anticipate this leadership change will shift SEC's approach from Gary Gensler's restrictive policies toward more crypto-friendly regulations.
Key Market Developments:
- Bitcoin's 2024 performance: +130% year-to-date
- Post-election surge: +36% since Trump's victory announcement
- Current market cap: Rivaling the UK's FTSE 100 index
👉 Discover how Bitcoin's rally impacts global markets
Institutional Adoption Accelerates
Federal Reserve Chair Jerome Powell recently noted Bitcoin's primary competition is gold—not the U.S. dollar—while cautioning about its volatility as a payment method. Meanwhile, institutional interest continues growing:
| Institution | Bitcoin Position | Price Target |
|---|---|---|
| Standard Chartered | Increased holdings | $200,000 by 2025 |
| ARK Invest | Bullish on digital property rights | N/A |
Hong Kong ETF Performance
- CSOP Bitcoin ETF (03042.HK): +6% to HK$12.80 (record high)
- Samsung Bitcoin ETF (03135.HK): +6% to HK$36.60 (record high)
Corporate Crypto Moves
- Meitu (01357.HK): +6.29% after liquidating crypto holdings for dividends
- Boyaa Interactive (00434.HK): +22.49% as crypto proxy play
- MicroStrategy & Coinbase: Potential Nasdaq 100 additions (+9.59% and +5.6% respectively)
👉 Explore institutional crypto strategies
FAQs: Understanding Bitcoin's Breakthrough
Q: Why did Bitcoin surpass $100,000?
A: The combination of anticipated regulatory easing, institutional adoption, and limited supply (halving event) created perfect bullish conditions.
Q: How does the new SEC chairman affect crypto?
A: Paul Atkins' crypto-friendly stance suggests reduced regulatory hurdles compared to previous leadership, potentially accelerating mainstream adoption.
Q: What's next for Bitcoin's price?
A: Analysts project targets ranging from $150,000 to $200,000 by end-2025, contingent on institutional inflow rates and macroeconomic factors.
Q: Should investors consider Bitcoin ETFs?
A: While offering exposure without direct ownership, investors should assess their risk tolerance given Bitcoin's inherent volatility.
Future Outlook: The Road to $200,000?
Cathie Wood of ARK Invest celebrated Bitcoin's milestone as "a great day for digital property rights," while Standard Chartered maintains its $200,000 price target. With potential Nasdaq 100 inclusions and pension fund allocations on the horizon, Bitcoin's institutional narrative grows stronger—though retail investors should remain cautious about its volatility.