{"id":108763,"date":"2024-11-28T12:50:49","date_gmt":"2024-11-28T08:50:49","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=108763"},"modified":"2024-11-28T12:50:52","modified_gmt":"2024-11-28T08:50:52","slug":"bitcoin-climbs-as-optimism-grows-over-pro-crypto-policies-under-trump-administration","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/bitcoin-climbs-as-optimism-grows-over-pro-crypto-policies-under-trump-administration\/11\/28\/market-updates\/","title":{"rendered":"Bitcoin Climbs as Optimism Grows Over Pro-Crypto Policies Under Trump Administration"},"content":{"rendered":"\n

<\/p>\n\n\n\n

Bitcoin extended its rally on Thursday, fueled by speculation that the incoming Trump administration will introduce more favorable cryptocurrency regulations. The cryptocurrency surged 3.1% to $95,645<\/strong> by early trading hours, continuing its recovery toward the psychologically significant $100,000 milestone.<\/p>\n\n\n\n

Key Drivers Behind Bitcoin’s Rise<\/strong><\/h3>\n\n\n\n
    \n
  1. Regulatory Shift to CFTC<\/strong>:\n
      \n
    • Reports suggest that Trump\u2019s administration plans to transfer most crypto oversight from the Securities and Exchange Commission (SEC)<\/strong> to the Commodity Futures Trading Commission (CFTC)<\/strong>.<\/li>\n\n\n\n
    • The CFTC, known for its lighter regulatory touch, offers a welcome change for the industry, which has faced stringent SEC actions over the past two years.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
    • Pro-Crypto Leadership<\/strong>:\n
        \n
      • Trump is reportedly considering appointing Paul Atkins<\/strong>, a known digital asset advocate, as the next SEC Chair. This potential move has buoyed market sentiment, signaling a likely end to the SEC’s aggressive enforcement strategy under Gary Gensler.<\/li>\n\n\n\n
      • Further support for the crypto sector comes from reports that pro-crypto candidates are being selected for key positions in the Treasury and Commerce departments.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
      • Ripple (XRP) Rally<\/strong>:\n
          \n
        • Ripple\u2019s XRP token surged over 7%, reflecting optimism that a more lenient regulatory framework could ease its prolonged legal battle with the SEC.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
        • Bitcoin Strategic Reserve Debate<\/strong>:\n
            \n
          • While there\u2019s speculation about a Bitcoin strategic reserve<\/strong> under Trump\u2019s administration, analysts remain skeptical. Compass Point Research<\/strong> highlighted the improbability of deficit-driven funding to purchase Bitcoin, given the tight fiscal constraints and a Republican-controlled Congress.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n

            Broader Market Gains<\/strong><\/h3>\n\n\n\n

            Bitcoin’s rally ignited a broader surge across the cryptocurrency market:<\/p>\n\n\n\n

              \n
            • Ethereum (ETH)<\/strong>: Rose 5.1% to $3,572.13<\/strong>.<\/li>\n\n\n\n
            • Solana (SOL)<\/strong>: Gained 4.2%.<\/li>\n\n\n\n
            • Cardano (ADA)<\/strong>: Up 5.2%.<\/li>\n\n\n\n
            • Polygon (MATIC)<\/strong>: Increased 4%.<\/li>\n\n\n\n
            • Dogecoin (DOGE)<\/strong>: Climbed 4.3%.<\/li>\n<\/ul>\n\n\n\n

              Market Outlook<\/strong><\/h3>\n\n\n\n

              The crypto market is gaining momentum as hopes for regulatory clarity and industry-friendly policies grow. However, uncertainties linger, particularly around fiscal feasibility for large-scale initiatives like a Bitcoin reserve. The path forward will depend heavily on the Trump administration\u2019s execution of its crypto agenda and broader macroeconomic conditions.<\/p>\n\n\n\n

              Investors are closely watching developments, especially as Bitcoin edges closer to $100,000\u2014a level that could trigger another wave of speculative interest and institutional inflows.<\/p>\n","protected":false},"excerpt":{"rendered":"

              Bitcoin extended its rally on Thursday, fueled by speculation that the incoming Trump administration will introduce more favorable cryptocurrency regulations. The cryptocurrency surged 3.1% to $95,645 by early trading hours, continuing its recovery toward the psychologically significant $100,000 milestone. Key Drivers Behind Bitcoin’s Rise Regulatory Shift to CFTC: Reports suggest that Trump\u2019s administration plans to …<\/p>\n","protected":false},"author":9,"featured_media":53219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904,8060],"class_list":["post-108763","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin","tag-profit-taking"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/108763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=108763"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/108763\/revisions"}],"predecessor-version":[{"id":108764,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/108763\/revisions\/108764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53219"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=108763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=108763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=108763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}