Bitcoin Breaks $100K

CRYPTO
Bitcoin Breaks $100K

Bitcoin surged past $103,000 on Wednesday, smashing its previous all-time high and breaking the psychological $100,000 barrier. The cryptocurrency hit $100,000 at around 9:30 PM EST, continuing its ascent to $103,600 before settling around $103,000 by midnight. This milestone reflects growing optimism in the crypto market, fueled by expectations that President-elect Donald Trump’s administration will adopt crypto-friendly policies, spurring blockchain innovation.

Altcoins experienced mixed results during Bitcoin's rally. Ethereum and Dogecoin climbed approximately 7%, while Solana remained flat. XRP tokens associated with Ripple dropped 10% after a 65% surge earlier in the week. Unlike past bull runs, this Bitcoin rally has not uniformly lifted other cryptocurrencies.

Market excitement also stems from new ETFs by BlackRock and Fidelity, offering traditional investors an easy entry point into Bitcoin. Additionally, Trump's appointment of Paul Atkins, a libertarian and former regulator, to lead the SEC has bolstered sentiment. Atkins’ approach contrasts sharply with outgoing SEC Chair Gary Gensler, whose stringent regulations were widely criticized by the crypto community.

Bitcoin’s rise underscores its historical growth. From trading at pennies in 2009, it crossed $1,000 in 2013, $20,000 in 2017, and $65,000 in 2021. This new high signals the continuation of crypto’s fourth major bull cycle.

POLITICS
Bezos Backs Trump’s Deregulation Agenda

Amazon founder Jeff Bezos expressed optimism about deregulation under President-elect Donald Trump’s new administration, signaling a willingness to collaborate. Speaking at the 2024 New York Times DealBook Summit, Bezos praised Trump’s renewed focus on reducing regulations, a top priority for the newly formed Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy.

“I’m super optimistic,” Bezos said, emphasizing Trump’s calmer demeanor this time around. Bezos hinted at supporting deregulation efforts if they align with the public interest and are conducted transparently.

DOGE has already proposed bold ideas, including ending daylight saving and dissolving certain agencies. Bezos’s potential partnership could signal a strategic move to protect Amazon and Blue Origin amid regulatory and competitive pressures. However, past tensions between Trump and Bezos, including disputes over Amazon’s practices and The Washington Post, could complicate any collaboration. Musk’s openness to working with Bezos remains uncertain.

CRYPTO
Trump Picks Pro-Crypto SEC Chair

President-elect Donald Trump announced plans to nominate cryptocurrency advocate Paul Atkins as the next chair of the Securities and Exchange Commission (SEC). Atkins, a former SEC commissioner and CEO of Patomak Partners, is known for supporting market innovation and deregulation.

Trump praised Atkins as a "proven leader for common-sense regulations" and highlighted his vision for fostering robust capital markets and embracing digital assets. If confirmed by the Republican-led Senate in 2025, Atkins will replace outgoing SEC Chair Gary Gensler, who has spearheaded a crackdown on the crypto industry.

Trump’s pivot toward pro-crypto policies reflects a significant shift from his earlier skepticism. He has pledged to make the U.S. “the crypto capital of the planet” and establish a strategic bitcoin reserve. The announcement has buoyed crypto markets, with Bitcoin surpassing $95,000, as industry leaders anticipate a more favorable regulatory environment under Trump’s administration.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.