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Debashree Patra
Debashree Patra
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- Dec 05, 2024 07:21 UTC
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Bitcoin Price Today Hits $103K: SEC’s New Leadership Triggers Rally
Bitcoin has hit a new all-time high of $103,850, driven by positive regulatory developments, institutional interest, and global endorsements.
Key factors include the appointment of pro-crypto SEC chair Paul Atkins, the success of BlackRock's Bitcoin ETF, and positive comments from global leaders like Vladimir Putin.
Bitcoin's market cap has surpassed $2 trillion, and the market is filled with bullish sentiment, with some predicting further price increases.
Bitcoin has smashed past the $100,000 mark, reaching a new all-time high of $103,850. This exciting rally is driven by a mix of positive regulatory news, growing institutional interest, and support from key global figures. Since the U.S. elections, Bitcoin has risen more than 45%, fueled by expectations of more crypto-friendly regulations.
Keep reading to find out what’s fueling this boom and what it means for the future of crypto.
A Big Boost from the SEC
One major factor behind Bitcoin’s rise is the appointment of Paul Atkins as the new chair of the U.S. Securities and Exchange Commission (SEC). Known for his pro-crypto views, Atkins replaces Gary Gensler, whose strict policies were seen as a challenge for the industry. Former U.S. President Donald Trump announced this change, and it has sparked excitement among investors.
Industry leaders, like Ripple CEO Brad Garlinghouse, are calling this a win, hoping Atkins will bring more clarity and fairness to crypto regulations.
BlackRock’s Bitcoin ETF Breaks Records
BlackRock’s Bitcoin ETF (iShares Bitcoin Trust, or IBIT) has also played a significant role in Bitcoin’s rise. The fund recently hit $50 billion in assets under management in just 228 days, setting a new record.
This week alone, the ETF saw more than $1.6 billion in new investments, showing that large institutions are growing more confident in Bitcoin and reinforcing its reputation as a reliable investment.
Bitcoin is also gaining recognition from world leaders. Russian President Vladimir Putin recently praised Bitcoin during a speech, saying it’s unstoppable and will continue to grow. He highlighted Bitcoin’s ability to reduce costs and increase reliability, which makes it more attractive worldwide.
Market Growth Soars
Bitcoin’s market cap has now surpassed $2 trillion, putting it on the same level as major companies like Alphabet and Amazon. Bitcoin futures are also showing strong growth, with long positions increasing and funding rates rising by 81%. Daily trading volumes have crossed $100 billion, signaling strong market momentum.
Some investors believe Bitcoin could reach $120,000 by the end of the year.
With growing support from political leaders, major institutions, and global figures, Bitcoin’s future looks even more promising.
While short-term corrections are possible, the long-term outlook for Bitcoin has never been more optimistic.
FAQs
The appointment of pro-crypto SEC chair Paul Atkins boosted investor confidence, contributing to Bitcoin’s price rally.
BlackRock’s Bitcoin ETF attracted billions in investments, signaling growing institutional confidence in Bitcoin.
Some analysts predict Bitcoin could hit $120,000 by year-end, driven by strong market momentum and institutional backing.
Yes 
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