Recently, the self-driving travel platform Luobu Kuaipao under its operation has become popular, driving Baidu's Hong Kong stocks to surge by more than 12% on 10th, reaching the highest point in over a month.$Bitcoin (BTC.CC)$The price is hovering near the $0.1 million threshold, and the crypto market is closely watching the next steps of the newly elected US President Trump.

Currently, candidates supporting cryptos are vying for leadership positions at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the USA. Some analysts believe this could be the next catalyst for bitcoin.

According to media reports, Paul Atkins, who supports cryptos, is seen as a leading candidate for the next SEC chairman. The current chairman, Gary Gensler, has taken a series of enforcement actions against non-compliant and risky operations in the digital asset sector, leading to the market crash in 2022 and significant investor losses.

Trump's transition team is also discussing the establishment of the White House's first position dedicated to digital asset policy. Increasing signs indicate that Wall Street is adopting a more open attitude towards this controversial sector.

The Republican Party plans to overturn the Biden administration's policy on cracking down on digital assets, boosting market confidence. Since Trump won the presidential election on November 5th, the market cap of the crypto market has increased by about $1.3 trillion, reaching a historical high. The price of Bitcoin has risen by over 40%, now trading at $96,712.74.

Previously, Trump promised to make the USA the global capital of cryptos and supported the idea of establishing a strategic bitcoin reserve. However, there are doubts in the market about the feasibility of the latter.

TD Cowen analyst Jaret Seiberg wrote in a report that the concept of bitcoin reserves is contradictory to Trump's firm stance on the US dollar as the key global currency. He stated:

"Trump is likely to continue to praise bitcoin reserves on social media or in speeches, but this does not mean he will invest necessary political resources to promote bitcoin reserves."

In addition, it is worth noting that political turmoil in South Korea last night briefly increased market risk aversion sentiment, affecting local cryptocurrency market prices. President Yoon Suk-yeol announced the first curfew since 1980 late at night, but it was lifted after just over six hours. Although the decision was revoked a few hours later, the global markets were still impacted, with the local exchange's bitcoin price falling below $0.072 million at one point.

Editor/ping