Bitcoin Soars Past $103,000 Following Trump’s Pro-Crypto SEC Nominee

Bitcoin has shattered previous records, surging beyond $100,000 as market momentum accelerates.

In early trading on Thursday, Dec. 5, Bitcoin hit a peak of $103,630 on Binance, according to TradingView. This marked a significant 7% gain in just 12 hours, climbing from an intraday low of approximately $95,000.

Bitcoin Crosses Historic Milestone

The leading cryptocurrency has gained an impressive 140% year to date, outpacing traditional assets. With this latest surge, Bitcoin’s market capitalization has crossed the $2 trillion mark for the first time.

Market analyst Miles Deutscher remarked, “An ideal scenario for Bitcoin would be a daily close above $100K, followed by consolidation between $100K and $105K before targeting $120K.”
Anthony Pompliano highlighted the psychological importance of this milestone, stating, “Boomers will wake up to the headlines and buy Bitcoin, fearing they were wrong. Welcome to the next phase.”

The rally comes amid news that President-elect Donald Trump has tapped Paul Atkins to replace outgoing SEC Chair Gary Gensler. Trump’s administration has pledged to end what many consider a crackdown on crypto led by Gensler. Meanwhile, Russian President Vladimir Putin emphasized that no one could ban Bitcoin and other digital currencies during a recent economic forum in Moscow, as reported by Bloomberg.

Crypto Market Hits New High

Following Bitcoin’s surge, the total cryptocurrency market cap reached a historic $3.87 trillion. Ethereum also rallied, hitting $3,924 as it eyes the $4,000 level.

Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw notable gains, alongside Polkadot (DOT), Bitcoin Cash (BCH), and Sui (SUI).

Despite Bitcoin’s ascent, concerns linger as a Mt. Gox wallet reportedly moved 24,052 BTC worth $2.43 billion after the price broke $100,000, raising questions about potential market impacts.

Make money without lifting your fingers: Start using a world-class auto trading solution.

LonghornFX, your trusted Partner in CFDs, Cryptocurrencies and Stocks.