$99K Bitcoin Reacts To Gensler’s SEC Departure Announcement
Bitcoin (BTC) topped $99,000 on Thursday, hitting a new milestone before retreating slightly. This milestone comes on the heels of major political and market events that have increased investor trust in digital assets.
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SEC Chairman Rumors Gary Gensler’s departureand Donald Trump’s expected crypto-friendly policies, adding to the excitement in the cryptocurrency space.
Inspired by hopes of possible changes in U.S. financial policy, Bitcoin surges to $99,126 The meeting got off to a dismal start. Investors still believe $100,000 is possible, especially considering the cryptocurrency rallied about 40% earlier this month after Trump was expected to be re-elected.
A government that supports cryptocurrencies?
Reports suggest that the Trump administration is considering creating its first cryptocurrency policy position, which could reverse how regulation is implemented. many people think SEC will become more open after Gensler leavesThis has long been a point of contention in the crypto community.
I will step down on January 20, 2025 @SECGov Chair.
A clue🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
Galaxy Digital CEO Mike Novogratz expressed hope for this change, noting that the energy of the Trump team is very different, they are pro-cryptocurrency, pro-blockchain, and see the hope that Bitcoin brings. He claimed that the government wants to build a national Bitcoin inventory and prioritize blockchain innovation, which will help further strengthen market capabilities.
Corporate initiatives add momentum
According to the Financial Times, Trump Media Technology Group (DJT) is in talks to acquire cryptocurrency exchange Bakkt. This possible collaboration could bring cryptocurrencies into a larger technological framework, making them more accessible and widely distributed.
These developments add to the larger story of institutional adoption, which was a key driver in previous bull cycles. The market’s reaction points to a growing belief that Bitcoin is poised to play a larger role in both the private and public sectors with favorable regulation.
#bitcoin It looks like December 2020. Even the RSI is almost the same. If true, Bitcoin USD It will rise to $108,000, fall to $99,000, and then rebound to $135,000! pic.twitter.com/hsIBWBVGnl
— Ali (@ali_charts) November 20, 2024
Analysts predict new highs
Meanwhile, cryptocurrency expert Ali Martinez said that Bitcoin’s current rise has strong similarities to the rise at the end of 2020. The analyst’s research assumes that Bitcoin will rise to $108,000, then fall to $99,000, and then rise to $135,000.
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Important data including daily active addresses (over 475,000) and higher social volume of 380,000 support this prediction. These trends mirror the breakout of 2020, when Bitcoin more than doubled in a matter of weeks.
The following Gensler resignsthe direction of Bitcoin may depend on the stance taken by his successor. Pro-crypto leaders could encourage adoption and push Bitcoin above $100,000, paving the way for a long-term bull run. However, changes in regulations and market attitudes will be important factors.
Featured images from DALL-E, charts from TradingView
