Former CFTC chairman Chris Giancarlo analyzes the affect of cryptocurrency coverage on ‘The Claman Countdown.’
Bitcoin costs topped $100,000 for the primary time ever on Wednesday because the cryptocurrency continued its record-setting run within the wake of President-elect Trump’s election victory and extra buzz that the incoming administration could have a crypto czar.
The value of bitcoin rose from $69,121 the day earlier than Election Day to what was then an all-time excessive of $74,445 on Nov. 6, the day after the election.
From there, bitcoin’s surge has continued, and it broke the $80,000 mark for the primary time on Nov. 10 after which eclipsed the $88,000 threshold for the primary time the next day. By Nov. 13, bitcoin was buying and selling above $92,800 earlier than a slight decline.
The surge in crypto has pushed traders into associated alternate traded funds. 2X Bitcoin Technique ETF, Grayscale Bitcoin Belief, Hashdex Bitcoin and ProShares Bitcoin are among the many yr’s high performers, tracked by VettaFi, all with triple digit returns properly over 100%.
Bitcoin had been trending increased within the lead as much as the election, however Trump’s victory over Vice President Kamala Harris helped gasoline sentiment amongst traders that pushed it to new highs.
SEC COMMISSIONER BACKS TRUMP’S PLAN TO END CRYPTO CRACKDOWN
Trump campaigned on bringing a extra favorable regulatory strategy to bitcoin and different cryptocurrencies and digital belongings.
He additionally pledged to make the U.S. the “crypto capital of the planet” and the “bitcoin superpower of the world” at a convention over the summer time, and stated that he would set up a crypto advisory board.
FOX Enterprise, in current days, reported the incoming Trump administration desires to develop the ability of the Commodity Futures Buying and selling Fee by granting it oversight of a good portion of the $3 trillion digital asset market.
A attainable contender is former CFTC Chairman Chris Giancarlo who not too long ago spoke to FOX Enterprise.
“With adequate funding and under the right leadership, I think the CFTC could hit the ground running to begin regulating digital commodities on day one of Donald Trump’s presidency,” stated former CFTC Chairman Chris Giancarlo.
President-elect Trump’s victory contributed to a record-breaking surge in bitcoin costs. (Brett Carlsen/Bloomberg by way of Getty Photographs / Getty Photographs)
Trump, throughout his marketing campaign, promised to take away Securities and Trade Fee (SEC) Chair Gary Gensler, who has overseen a regulatory crackdown on the digital belongings business in a push to root out unhealthy actors – an effort that has drawn criticism from pro-crypto advocates.
Nevertheless, Gensler beat him to the punch and introduced he plans to depart the company in January.
President-elect Trump introduced Wednesday that he’s nominating Paul Atkins to function the SEC chair.
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