Yesterday Donald Trump selected the new president of the SEC.
During the night time, the worth of Bitcoin surpassed for the first time in its complete historical past the $100,000 mark.
The new Presidente della SEC
The new president of the SEC chosen by Trump will likely be Paul Atkins.
Currently, the president of the U.S. company that oversees the inventory exchanges continues to be Gary Gensler, a Democrat appointed by Joe Biden in 2021.
However, Gensler himself, after Trump’s electoral victory, acknowledged that he’ll resign on January 20, 2025, the day Donald Trump will take workplace as the new president of the USA.
Initially, the new president didn’t appear to have Atkins in thoughts as the new man to steer the SEC, so it was a troublesome alternative.
Atkins himself had reservations about accepting the place, as a result of after a presidency like Gensler’s, which was closely criticized and full of shadows, the position of the new SEC chairman might be troublesome, as he must rebuild the company’s status.
The comunicato di Trump sul nuovo Presidente della SEC
Trump introduced the appointment of Atkins on his social community, Truth.
He wrote that he’s happy to announce the appointment of Paul Atkins as the subsequent chairman of the Securities & Exchange Commission.
He added that Atkins is a confirmed chief for common sense rules, and that he believes in the promise of robust and modern capital markets, which meet the wants of traders, and present capital to make the USA the finest economic system in the world.
Furthermore, he explicitly specified:
“It also recognizes that digital assets and other innovations are essential to make America greater than ever.”
Digital belongings are cryptocurrencies, along with NFTs and tokenized belongings, and Trump himself shortly earlier than the elections launched his DeFi undertaking.
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Paul Atkins
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As revealed by Trump himself, Paul S. Atkins is the CEO and founder of Patomak Global Partners, a consulting agency for danger administration.
He can be co-president of the Token Alliance of the Digital Chamber, since 2017, and has labored and studied the digital asset sector.
Even extra importantly, he has already been a commissioner of the similar SEC from 2002 to 2008, below the Bush presidency, and at the moment he supported transparency and investor safety.
He was born in North Carolina, however he grew up in Florida.
He graduated in legislation and in the previous labored as a lawyer in New York. At the time, he handled company transactions, together with public securities choices (IPO), mergers, and acquisitions.
Before being appointed as SEC commissioner in 2022, he had assisted varied monetary providers corporations in enhancing their compliance with SEC rules, and collaborated with legislation enforcement to analyze and rectify conditions the place traders had been harmed.
Therefore, he might be outlined in all respects as a person of expertise in the sector, and he doesn’t appear lively in politics.
The results on the crypto markets
To inform the reality, yesterday, after Trump’s announcement, the crypto markets didn’t instantly react to this information.
Partly it’s as a result of the appointment of Atkins was already in the air, and maybe it had already been priced in by the markets, partly it’s as a result of the rise final night time can be resulting from different components.
One of the most essential components that pushed the worth of Bitcoin up yesterday was the statements of the present Fed chairman, Jerome Powell, who will in all probability not get replaced by Trump (it was Trump himself who appointed him in 2018).
Powell explicitly in contrast Bitcoin to gold in the monetary markets, clearly stating that Bitcoin is just not a competitor of the greenback.
These two issues mixed have forged optimism on the crypto markets, however they haven’t instantly triggered the enhance in the worth of BTC.
The surpassing of $100,000
To give the last push, actually, have been the Asian markets.
At the shut of the US inventory markets yesterday, the worth of Bitcoin had solely managed to return to these $99,000 that it had already reached a pair of weeks in the past.
So the two excellent news objects coming from the USA have been solely in a position to get better all the losses of the previous weeks, furthermore decidedly gentle.
The turning level occurred throughout the night time, particularly simply after the opening of the Chinese inventory exchanges.
Last night time the Hang Seng index of the Hong Kong inventory exchange fell by about 1%, and on the Hong Kong inventory exchange there are ETFs on Bitcoin and Ethereum.
The key level is that exactly for in the present day, December 5, 2024, a turning level was anticipated for the pattern of the Bitcoin worth, and as quickly as the Asian markets opened, this turning level manifested itself.
The worth of Bitcoin not solely broke by way of the 100,000$ barrier, however with momentum it pushed as much as attain a new all-time excessive virtually at 104,000$.
In different phrases, the information from final night time paved the manner, which was then adopted by the Asian markets in a single day.
