Former CFTC chairman Chris Giancarlo analyzes the affect of cryptocurrency coverage on ‘The Claman Countdown.’
Bitcoin costs topped $100,000 for the primary time ever on Wednesday because the cryptocurrency continued its record-setting run within the wake of President-elect Trump’s election victory and extra buzz that the incoming administration could have a crypto czar.
The value of bitcoin rose from $69,121 the day earlier than Election Day to what was then an all-time excessive of $74,445 on Nov. 6, the day after the election.
From there, bitcoin’s surge has continued, and it broke the $80,000 mark for the primary time on Nov. 10 after which eclipsed the $88,000 threshold for the primary time the next day. By Nov. 13, bitcoin was buying and selling above $92,800 earlier than a slight decline.
The surge in crypto has pushed traders into associated alternate traded funds. 2X Bitcoin Technique ETF, Grayscale Bitcoin Belief, Hashdex Bitcoin and ProShares Bitcoin are among the many yr’s prime performers, tracked by VettaFi, all with triple digit returns properly over 100%.
Bitcoin had been trending increased within the lead as much as the election, however Trump’s victory over Vice President Kamala Harris helped gas sentiment amongst traders that pushed it to new highs.
SEC COMMISSIONER BACKS TRUMP’S PLAN TO END CRYPTO CRACKDOWN
Trump campaigned on bringing a extra favorable regulatory method to bitcoin and different cryptocurrencies and digital property.
He additionally pledged to make the U.S. the “crypto capital of the planet” and the “bitcoin superpower of the world” at a convention over the summer time, and mentioned that he would set up a crypto advisory board.
FOX Enterprise, in current days, reported the incoming Trump administration desires to broaden the facility of the Commodity Futures Buying and selling Fee by granting it oversight of a good portion of the $3 trillion digital asset market.
A doable contender is former CFTC Chairman Chris Giancarlo who lately spoke to FOX Enterprise.
“With sufficient funding and underneath the precise management, I feel the CFTC might hit the bottom working to start regulating digital commodities on day one in every of Donald Trump’s presidency,” mentioned former CFTC Chairman Chris Giancarlo.
President-elect Trump’s victory contributed to a record-breaking surge in bitcoin costs. (Brett Carlsen/Bloomberg by way of Getty Photos / Getty Photos)
Trump, throughout his marketing campaign, promised to take away Securities and Alternate Fee (SEC) Chair Gary Gensler, who has overseen a regulatory crackdown on the digital property trade in a push to root out dangerous actors – an effort that has drawn criticism from pro-crypto advocates.
Nonetheless, Gensler beat him to the punch and introduced he plans to go away the company in January.
President-elect Trump introduced Wednesday that he’s nominating Paul Atkins to function the SEC chair.
