What Happened in Crypto Market Today: Bitcoin Hit $100K Milestone

What Happened in Crypto Market Today: News on Bitcoin, Atkins & More

Bitcoin Hits $100,000: What Next for BTC?

Today, Bitcoin soared past the $100,000 mark, reaching an all-time high of $103,700. This 5% increase has pushed Bitcoin’s market capitalization to approximately $2 trillion. The bullish sentiment is strong, with 80% of analysts predicting further upward momentum. The surge comes amid the nomination of Paul Atkins as the new SEC Chairman by President-elect Donald Trump. 

Atkins, known for his pro-crypto stance, has garnered support from influential figures in the crypto industry, fueling optimism for future regulations that could benefit the market. At the time of writing, BTC price was trading at $102,452.51.

Bitcoin vs. Gold: Jerome Powell's Insight

Federal Reserve Chairman Jerome Powell recently made headlines by comparing Bitcoin to gold rather than the US dollar. At the New York Times Dealbook Summit, Powell labeled Bitcoin as a speculative asset, likening its role to that of gold in the financial ecosystem. 

This comparison has sparked further debate about Bitcoin’s place in the global economy, with some viewing it as a potential new gold standard. The cryptocurrency's impressive year-to-date performance has outpaced gold, highlighting its growing appeal as a hedge against inflation.

Paul Atkins as SEC Chair: A Crypto-Friendly Shift

President-elect Donald Trump’s nomination of Paul Atkins as SEC Chairman signals a potential shift towards more crypto-friendly regulations. Atkins, a known advocate for digital assets, contrasts sharply with outgoing SEC Chairman Gary Gensler, who was known for his stringent regulatory approach. 

Atkins’ appointment is expected to bring clearer rules and reduced regulatory burdens, which could invigorate the US as a global hub for cryptocurrency. The crypto community has largely welcomed this move, anticipating a more balanced and innovative regulatory framework.

Bitcoin and Ethereum Spot ETFs: Rising Inflows

The latest data shows significant inflows into Bitcoin and Ethereum spot ETFs, underscoring growing institutional interest. On December 4, Ethereum spot ETFs saw a net inflow of $168 million, while Bitcoin spot ETFs recorded a net inflow of $557 million. 

These inflows highlight the increasing acceptance and investment in cryptocurrency markets. Major players like BlackRock and Fidelity are leading the way, signaling robust market activity and confidence in these digital assets.

Putin Backs Bitcoin: A New Era for Digital Assets

Russian President Vladimir Putin has declared support for Bitcoin, calling it "unstoppable." His recent endorsement comes after Russia recognized Bitcoin and other digital assets as property, exempting them from value-added tax. This move positions Russia as a significant player in the global crypto market. 

Putin’s remarks at the Moscow Investment Forum emphasize the country's commitment to developing digital assets and curbing inflation. This support further solidifies Bitcoin price prediction and BTC status as a vital component of the modern financial landscape.

Conclusion

The crypto market is experiencing a significant upswing, driven by Bitcoin's historic surge, regulatory optimism, and growing institutional investment. With influential figures like Jerome Powell and Paul Atkins shaping the narrative, and global leaders like Vladimir Putin endorsing digital assets, the future of cryptocurrency looks promising.