rises to $103,000 as Trump appoints pro-cryptocurrency SEC chair By Investing.com

Investing.com – Bitcoin rose sharply to record highs above the coveted $100,000 mark on Thursday as traders cheered President-elect Donald Trump’s nomination of a pro-crypto candidate to lead the SEC.

The world’s largest cryptocurrency broke out of the last two weeks of trading range after Trump ended speculation about his pick for SEC chairman by nominating former commissioner Paul Atkins. Atkins has openly expressed his support for digital assets.

rose 7.5% to a record high of $103,719.4.

Atkins replaces Gensler, potentially ending SEC’s crypto crusade

Atkins will replace incumbent SEC Chairman Gary Gensler, who said he would step down when Trump takes office in January.

Genseler had been cracking down on suspected bad actors in the crypto industry for two years, taking enforcement actions against several major companies, including Coinbase (NASDAQ:) and , over allegations of selling illegal securities.

Atkins, a veteran financial regulator, is expected to take a less strict stance on cryptocurrencies. He has advocated for deregulation and expressed support for digital assets.

“Atkins … recognizes that digital assets and other innovations are critical to making America greater than ever before,” Trump said in a social media post.

Altcoin was one of the biggest beneficiaries of the speculation surrounding Atkins’ nomination. The token rose to its highest level in six years this week on hopes that the SEC will drop its long-running lawsuit against issuer Ripple.

Trump is also expected to potentially shift cryptocurrency regulatory oversight from the SEC to the Commodity Futures Trading Commission.

Fed’s Powell compares Bitcoin to gold

Federal Reserve Chairman Jerome Powell compared Bitcoin to gold in a speech on Wednesday.

Speaking at a New York Times (NYSE:) Powell said Bitcoin was a competitor to gold, not the dollar, as traders treated it as a speculative asset rather than a usable currency.

Crypto Price Today: Altcoins are mostly bullish on Trump hopes

Broader crypto prices also rose largely in anticipation of friendlier policies under Trump.

The world’s No. 1 altcoin rose 5% to $3,865.31.

XRP slipped 11.8% as traders locked in recent gains from a sharp decline in the token.

remained unchanged but fell 1%. lost 2.6% despite all three tokens posting strong gains in recent weeks.

Meme tokens performed significantly better with an increase of almost 8%. The coin was likely mentioned by Trump during the creation of the Department of Government Efficiency (DOGE), which is co-chaired by Dogecoin enthusiast Elon Musk.