Bitcoin Price Update

Bitcoin price has erased some losses as news emerged that U.S. president-elect Donald Trump is planning to appoint Paul Atkins as the new SEC Chair.

Background on Paul Atkins
Atkins currently serves as the CEO at Patomak Global Partners and was an SEC commissioner from 2002-2008.

Bitcoin price steadied below recent peaks while traders awaited signals on U.S. monetary policy and the implications of Trump’s administration for cryptocurrencies. As of 13:56 ET (17:56 GMT), Bitcoin rose 0.4% to $95,611.0, maintaining a trading range of $90,000 to $100,000 over the past two weeks. Despite a significant rise after Trump's 2024 election win, Bitcoin struggled to surpass the $100,000 mark.

Trump's Crypto Policies in Focus

The crypto market is keenly watching for insights on policy from Trump, who promised to create a more favorable regulatory environment. He also suggested the possibility of a national Bitcoin reserve.

Trump’s cabinet members, particularly candidates for Treasury Secretary and Secretary of Commerce, appear to favor cryptocurrencies. There are reports indicating a potential transfer of crypto regulation from the SEC to the Commodity Futures Trading Commission.

However, skepticism remains regarding Trump’s ability to fulfill all his cryptocurrency promises, particularly the establishment of a Bitcoin reserve, as analysts predict a focus on government spending and dollar stability.

Furthermore, recent data revealed the government moving approximately $1.9 billion in Bitcoin onto an exchange, raising fears of a potential sale.

U.S. Government Transfers $33 Million in Seized FTX Crypto

The U.S. government has transferred around $33.6 million in cryptocurrency from a wallet linked to seized assets from the defunct FTX exchange and Alameda. Transactions included moving 5,024 ether, valued at approximately $18 million, to new unidentified wallets. In total, about $13 million in BUSD, $1.5 million in SHIB, and various other tokens were also transferred.

Crypto Price Update: Altcoins Rise, Fed Cues Awaited

Overall, crypto prices were mostly positive Wednesday, yet caution lingered ahead of upcoming interest rate cues. Federal Reserve Chair Jerome Powell is scheduled to speak later, and key nonfarm payroll data is due Friday.

The leading altcoin, Ether, rose nearly 5% to $3,711.62. XRP fell 0.4% to $2.55 after a significant rally. Solana and Polygon witnessed gains of 5.7% and over 6%, respectively, while Dogecoin increased by 3.1%.

Contributed by Ambar Warrick