Bitcoin surpassed US $100,000 for the first time following the selection of Paul Atkins, a digital asset advocate, by US president-elect Donald Trump to lead the Securities and Exchange Commission (SEC). The cryptocurrency rose by 3%, reaching US $101,000, marking a more than 40% increase since Trump's November 5 election win. Trump has vowed to reverse the Biden administration's crackdown on digital assets.

Atkins, if confirmed, is expected to ease regulations and reduce penalties for violations. A strong supporter of digital assets and fintech, Atkins is viewed as an ideal SEC chair for the crypto industry. Wall Street also shows signs of greater willingness to engage with the crypto market under his leadership.

Trump has expressed his goal of making the US the global hub for crypto and has even supported the idea of a national bitcoin reserve, though some doubt its feasibility. This proposal contrasts with Trump’s strong belief in the US dollar as the world’s dominant currency.

Atkins would replace Gary Gensler, who had pursued aggressive enforcement actions against risky practices in the digital asset sector, which saw significant losses in 2022.

Meanwhile, Bitcoin’s price in South Korea diverged from global levels amid political unrest, with the country’s president initially imposing martial law before quickly reversing it. The global crypto market, however, has surged by about US $1.3 trillion since Trump’s election, reviving interest in digital assets, with Bitcoin briefly approaching US $100,000 in November.

Crypto trading volumes also hit a record in November, exceeding US $10 trillion on centralized exchanges, marking a resurgence reminiscent of the pandemic-era digital asset bubble.

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