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- Bitcoin has hit a historic milestone, surpassing $100,000 for the first time.
- The nomination of Paul Atkins, a cryptocurrency advocate, as SEC Chair by Donald Trump signals a potentially favorable regulatory environment for digital assets.
- BlackRock’s Bitcoin ETF now holds over 500,000 BTC, underscoring a major embrace of Bitcoin by institutional investors.
- U.S. spot ETFs collectively hold over 1 million BTC, approaching Satoshi Nakamoto’s estimated holdings.
- Fed Chair Jerome Powell likened Bitcoin to gold during the DealBook Summit, bolstering its narrative as “digital gold” and a speculative asset for wealth preservation.
Bitcoin has achieved a historic milestone, surpassing $100,000 for the first time. The cryptocurrency reached an all-time high of $103,399 and is currently trading at $102,660.
This surge reflects an 8% increase in the past 24 hours, with trading volumes exceeding $106 billion, up over 55%.
Regulatory Shifts and Institutional Adoption
The recent price escalation is influenced by significant regulatory and institutional developments. President-elect Donald Trump has nominated Paul Atkins, a known cryptocurrency advocate, to chair the U.S. Securities and Exchange Commission (SEC).
Atkins, a former SEC commissioner, is expected to adopt a more lenient approach toward crypto regulation, contrasting with the stringent measures of his predecessor, Gary Gensler.
Federal Reserve Chair Jerome Powell has also impacted market sentiment by comparing Bitcoin to gold during the New York Times DealBook Summit. Powell emphasized Bitcoin’s role as a speculative asset and its volatility, likening it to digital gold rather than a substitute for the U.S. dollar.
Institutional adoption has further propelled Bitcoin’s ascent. BlackRock’s iShares Bitcoin Trust (IBIT) now holds over 500,000 BTC, approximately $48 billion, solidifying its position as the third-largest Bitcoin holder globally.
Additionally, U.S. spot Bitcoin ETFs collectively hold over 1 million BTC, nearing the holdings of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, who is believed to possess around 1.096 million BTC.
Market Outlook
Bitcoin’s breach of the $100,000 threshold marks a significant achievement, but questions arise about its future trajectory. The combination of a potentially crypto-friendly regulatory environment and increasing institutional investment suggests a favorable outlook. However, concerns about market volatility and the concentration of holdings among large entities persist.
As Bitcoin continues to evolve, its path will likely be shaped by regulatory decisions, technological advancements, and broader economic factors.
Read Also: India’s Web3 Advocacy Body BWA Takes a New Initiative to Make Crypto Safer
Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Cryptocurrency investments, including but not limited to ICOs, IDOs, presales, and other token offerings, carry significant risk. You are solely responsible for conducting thorough research (DYOR) and exercising due diligence before making any financial commitments. It is strongly recommended that you seek professional financial advice before making investment decisions. Read complete disclaimer here.
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