Crypto markets roared to life early Thursday as bitcoin surged past the $100,000 milestone for the first time, fueled by the announcement that president-elect Donald Trump would nominate Paul Atkins, a crypto-friendly candidate, to lead the SEC. The news sent shockwaves across crypto stocks, with major players like Coinbase, MicroStrategy, and Riot Platforms posting significant gains.
Coinbase (COIN) saw its stock jump by 5% in pre-market trading, continuing a bullish trend that has boosted its shares by 90% since the start of 2024. Meanwhile, MicroStrategy (MSTR), the largest corporate holder of bitcoin, gained over 8% as the company reaffirmed its commitment to cryptocurrency as its primary Treasury reserve asset. Bitcoin mining firm Riot Platforms (RIOT) followed suit, climbing more than 6%.
The market enthusiasm comes as Atkins, a known advocate for lenient crypto regulations that foster innovation, is set to replace Gary Gensler at the SEC. Under Gensler’s tenure, the SEC pursued an aggressive regulatory crackdown on the crypto industry, targeting high-profile companies like FTX, Coinbase, and Binance. Proponents of Gensler’s approach argued it was necessary to address the sector’s opaque practices, while critics contended it stifled innovation and hindered the industry’s growth.
Bitcoin traded as high as $103,500 early Thursday, a record high that prompted caution from market analysts. Oppenheimer’s executive director Owen Lau advised investors to remain vigilant, stating, “Be careful when you hit the $100,000 level. There may be some selling pressures and people looking for the next breakout level.”
Trump’s election has energized the crypto sector, with many viewing his administration as a potential turning point for the industry. During his campaign, Trump attended the annual Bitcoin conference in July, signaling his interest in the space. His opponent, Kamala Harris, also expressed support for crypto, though Trump’s policy team appears more aggressively pro-crypto.
In addition to Atkins, Trump’s cabinet includes several crypto advocates, including Vice President-elect JD Vance. Reports suggest the transition team is considering creating a new White House role—a “crypto czar”—to oversee bitcoin and broader cryptocurrency policy.
The news has reignited optimism within the crypto community, signaling a potential shift toward more favorable regulations under the incoming administration. As bitcoin reaches uncharted territory, the focus remains on whether this momentum will carry forward or face new challenges in a rapidly evolving market.
