Bitcoin Rebounds On Powell's Gold Comparison, Trump's SEC Nominee

Blockhead12-05

Bitcoin and cryptocurrency prices once again swung above $99,000 Wednesday after President-elect Donald Trump announced his nominee to lead the Securities and Exchange Commission, and after Federal ...

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It's like gold, it's just like gold — only it's digital. People are not using it as a form of payment or a store of value,\" he said. \"It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold. That's really how I think about it\"\nPowell's comments came after President-elect Trump nominated conservative, crypto-friendly lawyer Paul Atkins to lead the Securities and Exchange Commission.\n\nTrump Appointments Help Boost Bitcoin Closer To $100,000\n\nAtkins previously served as a Republican member of the SEC during the Bush administration, and has worked as co-chairman of crypto advocacy group Token Alliance since 2017, according to reports.\nAs head of the SEC, Atkins is expected to take a looser stance to cryptocurrency regulation than predecessor Gary Gensler. Gensler announced in late November that he would step down as SEC chair on Jan. 20, when Trump takes office.\n\"Paul is a proven leader for common sense regulations,\" Trump wrote on his Truth Social media site. \"He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.\"\nBitcoin Price Climbs\nBitcoin rebounded above $99,000 late Wednesday on the Trump appointment and Powell's comments, after sliding below $94,700 midday. The world's largest cryptocurrency has rallied 135% so far this year and hit a record high of $99,768 in early November.\nBit Digital (BTBT) led bitcoin miners with a 13% jump on the day. Iren (IREN) surged more than 10%. CleanSpark (CLSK), Core Scientific (CORZ), Riot (RIOT) and Hut 8 (HUT) saw gains ranging from 5% to 8%.\nThe iShares Bitcoin Trust (IBIT) and other spot bitcoin ETFs swung about 3.6% higher Wednesday.\nCoinbase (COIN) popped 7% Wednesday.\nYou can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison\nYOU MAY ALSO LIKE:\nKeep Up With Cryptocurrency Prices and News\nLooking For The Next Big Stock Market Winners? Start With These 3 Steps\nJoin IBD Live And Learn Top Chart Reading And Trading Techniques From Pros\nLearn How To Time The Market With IBD's ETF Market Strategy\nBitcoin Surging Toward $100,000. Why That's Set To Unleash A New Wave Of Buyers\nMarket Hits New Highs; Is AI Leader Nvidia Ready For New Run?","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2489823121"}