Cryptocurrency investors still view the landmark $0.1 million as their target level for bitcoin, hoping that incoming president Trump will take further measures to support the industry.

On Wednesday morning in the Asian market, $Bitcoin (BTC.CC)$ trading prices hovered around 0.096 million dollars, and Bitcoin has risen by more than 40% since Trump's victory on November 5th. This President-elect plans to reverse Biden administration's suppression of digital assets.

Candidates supporting cryptocurrencies are competing for the chairmanship of the USA Securities and Exchange Commission and the USA Commodity Futures Trading Commission. Trump's transition team is also discussing whether to establish the first White House position specifically responsible for digital asset policy. On Wall Street, there are increasing signs that people are more willing to participate in this controversial market.

Trump's Goal

The incoming president has promised to make the USA the global crypto capital and even supports the idea of establishing a strategic national bitcoin reserve, although there are doubts about the feasibility of the latter goal.

TD Cowen analyst Jaret Seiberg wrote in a report that bitcoin reserves contradict Trump's view of the dollar as the world's key currency, which he considers "ironclad evidence."

"Trump is likely to continue to tout bitcoin reserves on social media or mention them in speeches," Seiberg said, "which is different from the substantial political capital required to achieve that goal."

Cryptocurrency supporter Paul Atkins is viewed as the best candidate to replace Gary Gensler as chairman of the USA Securities and Exchange Commission. Gensler has taken a series of enforcement actions against alleged violations and risky behaviors in the digital assets industry, which was severely impacted in 2022, leading to massive losses for investors.

South Korea turmoil

Due to a wave of risk aversion triggered by political turmoil, the prices of bitcoin and other tokens (such as xrp and dogecoin) earlier deviate significantly in South Korea from global levels.

As the rift with the opposition deepened, South Korean President Yoon Suk-yeol imposed a state of emergency on Tuesday evening, but hours later, he rescinded this shocking move after facing opposition from lawmakers. This caught the global market off guard, and on Tuesday, the price of bitcoin on local exchanges briefly fell below 0.072 million dollars.

According to tracking institution CoinGecko, since Trump was elected president, the entire cryptocurrency market has seen a record surge, with a market cap increase of about 1.3 trillion dollars. This rise has rekindled the frenzy for digital assets reminiscent of the bubble period during the pandemic. On November 22, bitcoin briefly approached 0.1 million dollars, falling just under 300 dollars short, before pulling back.

Editor/rice