Bitcoin breaks $100,000 barrier as Crypto momentum surges

Bitcoin has surged past $100,000 (£78,701) for the first time, marking a historic milestone for the cryptocurrency. The dramatic rally comes just hours after U.S. President-elect Donald Trump appointed crypto advocate Paul Atkins to head the U.S. Securities and Exchange Commission (SEC).

Mr. Trump praised Atkins, CEO of Patomak Partners and a former SEC commissioner, as a leader who prioritizes “common sense regulations.”

On Truth Social, Trump wrote, “He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and provide capital to make our economy the best in the world. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

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Atkins, known for his opposition to overregulation, has long championed the idea of lighter market oversight. His appointment is seen as a potential turning point for cryptocurrency policy in the United States, fueling optimism among crypto enthusiasts.

Bitcoin’s meteoric rise began after Trump’s election victory on November 5, when the cryptocurrency was trading at $69,374 (£54,805). Since then, it has skyrocketed, reaching an all-time high of $101,512 (£80,194) on Wednesday. This surge comes just two years after Bitcoin’s value plunged below $17,000 (£13,430) in the wake of the FTX exchange collapse.

While the $100,000 milestone has ignited bullish sentiment among investors, experts caution that the notoriously volatile cryptocurrency market remains unpredictable. “How long Bitcoin will hold above this threshold is anyone’s guess,” said an analyst.

The cryptocurrency’s rally underscores the growing influence of digital assets, with some seeing the moment as a sign of Bitcoin’s increasing maturity in the financial world. However, skeptics continue to warn of the risks tied to such investments, highlighting the cryptoverse’s inherent uncertainty.