Trump Nominates Paul Atkins as SEC Chairman

On December 4, U.S. President-elect Donald Trump announced his nomination of Paul Atkins as the next chairman of the Securities and Exchange Commission (SEC) on his social network service Truth Social. Trump expressed his confidence in Atkins, stating, "I am pleased to nominate Atkins as the next SEC chairman," and adding, "Paul is a proven leader for common sense regulations." This move is anticipated to significantly ease the cryptocurrency regulations implemented by the current Biden administration, aligning with Trump's pro-crypto campaign promises.

Atkins' Pro-Crypto Stance Boosts Market Confidence

Paul Atkins, who served as an SEC commissioner from 2002 to 2008, has been the co-chair of the Digital Chamber of Commerce's Token Alliance since 2017. His nomination is seen as a positive development for the cryptocurrency market, which has been experiencing a significant surge since Trump's election victory. Bitcoin, which was trading below $70,000 in early last month, began to rise after Trump, who promised to be a "pro-Bitcoin president," won the election. The price of Bitcoin easily surpassed the psychological resistance level of $100,000 in about a month after the election victory, marking a post-election increase rate of about 45%. Compared to the price below $50,000 at the beginning of this year, Bitcoin has risen by more than 100%.

Bitcoin Hits $100,000 Milestone

On December 5, the price of Bitcoin surpassed the $100,000 mark for the first time in history, reaching $103,800 during the day. This milestone was achieved at 11:38 a.m. (Korean time) and continued to trade at around $103,800.4 at 1:04 p.m. Analysts suggest that the market cheered when Trump nominated Atkins, known for his pro-crypto stance, as the next SEC chairman. Reflecting expectations for regulatory easing, the price of Bitcoin soared, and its market capitalization exceeded $2 trillion.

Global Crypto Trading Volume Soars

The global cryptocurrency trading volume in the spot and derivatives markets also saw a significant increase. Bloomberg reported, citing cryptocurrency information provider CCData, that the trading volume exceeded $10 trillion (approximately 14,000 trillion won) for the first time in November, more than doubling compared to the previous month. Bitcoin has emerged as the largest investment asset, excluding a few listed companies such as gold, Apple, Nvidia, Microsoft, Amazon, and Alphabet.

Market Experts Weigh In

Fadi Abualfa, head of research at cryptocurrency management firm Copper Technologies, commented on the significance of Bitcoin reaching $100,000. He stated, "Reaching $100,000 is a signal that the next bull market has begun," adding, "It will withstand any variables well except for external shocks."

As the cryptocurrency market continues to evolve, the nomination of Paul Atkins as the next SEC chairman is expected to play a crucial role in shaping the regulatory environment. With Bitcoin's price surpassing $100,000 and the global trading volume reaching unprecedented levels, the market is poised for further growth and development.