Bitcoin is in shambles… ‘Dream of $100,000’ approaching (Bitcoin now)

‘Regulator’ Gensler announces resignation of SEC Chairman
‘Trump trade’ phenomenon continues

In the third week of November, the price of Bitcoin was close to $100,000. As it surpassed $98,000 during the day, expectations that the $100,000 mark is not far away are overwhelming the market. It is observed that the ‘Trump Trade’ phenomenon will continue after Republican candidate Donald Trump was elected as the 47th President of the United States. The market cheered the news that Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), who was the grim reaper of the virtual asset industry, would resign early in January of next year.

According to CoinMarketCap, a global virtual asset market relay site, as of 8:45 a.m. on the 23rd (Korean time), the price of Bitcoin is recording $98,885.05, up 0.30% from the previous day. It rose 8.56% compared to a week ago, and rose 48.33% compared to one month ago. The increase rate compared to a year ago is 164.38%.

Bitcoin price started in the low $90,000 range on the 17th and showed weakness on the 18th and 19th, but turned upward on the 20th. Afterwards, it rose for four days in a row, quickly reaching $100,000. The price jumped more than 30% in 17 days from the $74,000 range on the 6th (Korean time) when the US presidential election was held.

There are expectations in the market that the virtual asset market revival policy will continue. In fact, U.S. SEC Chairman Gensler, a U.S. virtual asset regulator, announced on the 21st that he would resign on January 20th next year when President-elect Donald Trump takes office. Trump announced on his first day in office that he would fire Gensler. Chairman Gensler’s term runs until April 2026, which means he is resigning early. Chairman Gensler has been engaged in legal battles with famous virtual asset foundations and exchanges such as Binance, Coinbase, Kraken, and Ripple Labs. It was pointed out that regulations were excessive while adhering to an extremely conservative approach to the judgment of ‘securities’.

If President Trump’s policy of stockpiling Bitcoin as a strategic asset, which he pledged as a candidate, is realized, the long-term value of Bitcoin is expected to increase. Representative Cynthia Loomis also proposed the ‘BITCOIN ACT’ bill, which stipulates holding Bitcoin as a strategic asset for the next 20 years. Bitcoin Act is also an abbreviation created by taking the first letters of each word in ‘Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide’. The core of the bill is to establish a strategic Bitcoin reserve bill (SBR), a structured Bitcoin purchase program, and a comprehensive national storage policy.

The Bitcoin rally is expected to continue for the time being. According to foreign media, Shane Oliver, chief economist and head of investment strategy at AMP Sydney, said, “The reality is that the longer you survive, the more seriously you are taken.” He also said, “As an economist and investor, it is very difficult to evaluate this,” but added, “No one can know how far the value will go, but there is clear upward momentum at the moment.”

According to Alternative, a virtual asset data provider, the fear and greed index, which indicates investment sentiment as an index, was 94 points (extreme greed) as of today. It also rose sharply compared to the previous week’s score of 80. The alternative’s fear and greed index means that the closer it gets to 0, the more pessimistic and extremely fearful you feel about investing, and the closer it gets to 100, the more optimistic you feel.

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