Bitcoin Hits Record Highs

Bitcoin rose sharply to record highs above $100,000 on Thursday as traders celebrated President-elect Donald Trump’s nomination of pro-crypto SEC candidate Paul Atkins.

The world’s largest cryptocurrency broke a two-week trading range following Trump's announcement. Bitcoin surged 7.5% to a record high of $103,719.4.

Atkins to Replace Gensler

Atkins will succeed current SEC Chair Gary Gensler, who is stepping down as Trump takes office in January. Gensler led a two-year clampdown on alleged malpractices in the crypto industry, targeting companies like Coinbase and Ripple.

Expectations are high for Atkins, a seasoned financial regulator, to adopt a less stringent approach toward the crypto sector, having previously advocated for deregulation and digital asset support. Trump remarked, “Atkins… recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Altcoin XRP surged this week, benefiting from speculation that the SEC may dismiss its ongoing lawsuit against Ripple.

Trump may also move regulatory oversight for crypto from the SEC to the Commodity Futures Trading Commission.

Fed’s Powell Compares Bitcoin to Gold

Federal Reserve Chair Jerome Powell likened Bitcoin to gold, mentioning that it competes with gold as a speculative asset rather than as a currency during a New York Times event.

Crypto Price Update

Overall crypto prices saw positive movements due to expectations of favorable policies under Trump. The no.1 altcoin, Ether, rose 5% to $3,865.31.

XRP dropped 11.8% as traders secured gains from its recent sharp uptick. Cardano remained flat, while Solana fell by 1%, and Polygon lost 2.6% — although all three tokens have enjoyed strong gains recently.

Meme tokens performed notably better, with Dogecoin rising nearly 8%, likely influenced by Trump's reference to the new Department of Government Efficiency (DOGE), co-led by Dogecoin champion Elon Musk.