Bitcoin, the leading cryptocurrency globally, has surpassed the psychological resistance level of $100,000 for the first time, drawing significant attention to its future potential. Industry analysts suggest that the market reacted positively to news of President-elect Donald Trump nominating Paul Atkins, a pro-cryptocurrency figure and former SEC commissioner, to chair the Securities and Exchange Commission (SEC).

Following Atkins' nomination and anticipation of regulatory easing, Bitcoin's price surged past $100,000 on November 4, reaching an intraday high of $103,900. However, on November 5, selling pressures pushed the price back below $100,000. As of that day, Bitcoin traded at $98,791, down 0.40% from 24 hours earlier, according to Coinbase.

President-elect Trump celebrated the milestone on his social media platform, Truth Social, stating, “Congratulations to Bitcoiners: $100,000!!!” He further acknowledged messages of gratitude with a casual, “You’re welcome.”

Given Trump’s pro-crypto campaign promises, including regulatory relief for digital assets, Atkins’ leadership of the SEC is expected to roll back several of the stringent measures implemented under the Biden administration. Atkins, who served as an SEC commissioner from 2002 to 2008, has also been co-chair of the Token Alliance at the Digital Chamber of Commerce since 2017.

During his campaign, Trump declared his ambition to make the U.S. the global hub for cryptocurrency, branding himself as a “pro-Bitcoin president” and pledging to foster the crypto industry. His appointments, including Elon Musk as a key economic advisor and other crypto-friendly figures in leadership roles at the Treasury and Commerce Departments, further underscore his pro-crypto stance.

Since Trump’s election victory, Bitcoin has continued its bullish run. After hovering below $70,000 in early November, it has soared by 45% within a month, breaking the $100,000 psychological barrier. This marks a more than 100% increase compared to its sub-$50,000 levels earlier in the year.

Trump’s dramatic shift from calling cryptocurrencies a “scam” to advocating for relaxed regulations and strategic Bitcoin reserves has further bolstered confidence in the market. Analysts attribute part of the rally to the Republican Party’s control of Congress, which features over 300 pro-crypto legislators in the upcoming term.

Additionally, cryptocurrency trading volumes have surged. Bloomberg, citing CCData, reported that global cryptocurrency spot and derivatives trading volumes exceeded $10 trillion in November for the first time, doubling from the previous month. With Bitcoin surpassing $100,000, its market capitalization has also crossed the $2 trillion mark, solidifying its position as one of the largest investment assets, alongside gold and leading tech firms like Apple, Nvidia, and Amazon.

Market analysts are optimistic. According to Tony Sycamore of IG, Bitcoin’s recent breakout above $100,000 signals a new bullish phase, with projections of $105,000 in the short term and $120,000 next year. Similarly, Jeff Kendrick of Standard Chartered predicts Bitcoin could reach $125,000 by Trump’s inauguration in January, with some even speculating a $200,000 target during his presidency.

However, caution remains. Despite bullish forecasts, experts warn of potential corrections after the sharp rally. Omori Shoki of Mizuho Securities noted, “Profit-taking is inevitable, and rallies don’t last forever. Bitcoin will face a test when market risk appetite wanes, or equities experience corrections.”

For now, Bitcoin’s future trajectory under Trump’s administration remains one of the most closely watched developments in financial markets.

<Hwandong Cho>