Political Turmoil In South Korea Impacts Bitcoin Prices As Market Eyes Trump’s Policies

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As a seasoned crypto investor with a decade of experience navigating the volatile digital asset market, I must admit that the recent surge in Bitcoin (BTC) prices has been nothing short of exhilarating. Trump’s election victory and the prospect of a crypto-friendly administration have certainly fueled my enthusiasm for this space.

Although Bitcoin (BTC) has temporarily slowed down in its climb, it’s steadily moving towards the significant milestone of $100,000. This surge is largely driven by optimism surrounding potential favorable crypto policies proposed by the incoming U.S. President, Donald Trump.

Yesterday, the most significant digital currency reached and held above the significant level of $95,000, providing stability for the previous day. This impressive increase represents a jump of more than 40% since Donald Trump’s election win on November 5.

Could A National BTC Reserve Become Reality? 

The Trump administration is anticipated to loosen the tough rules on digital currencies that were established under the Biden administration, potentially reshaping the U.S. cryptocurrency environment in a significant manner.

Candidates favorable towards cryptocurrencies are being strategically placed by the Republican party as potential leaders in crucial regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), suggesting a pro-crypto stance within these organizations.

As a researcher, I’ve uncovered that during the transition period, there were deliberations within Donald Trump’s team about the possibility of establishing a unique White House role specifically devoted to digital-asset policy matters.

The incoming President Trump has expressed aspirations for America to become a leading center in the world of cryptocurrencies, going so far as suggesting the creation of a national Bitcoin savings account. Yet, experts are doubtful about the feasibility of such an undertaking.

Jaret Seiberg from TD Cowen pointed out that even though Trump might express support for a Bitcoin reserve in open discussions, turning this idea into reality would demand substantial political influence, considering his strong commitment to preserving the U.S. dollar as the leading global currency.

Financial expert Paul Atkins is being viewed as a likely choice for replacing the departing SEC chairman, Gary Gensler. Gensler’s official resignation was announced last week and takes effect on the same day as Donald Trump’s second inauguration, January 20th.

Gensler has been instrumental in ensuring regulations are followed within the digital asset sector, becoming particularly prominent after the challenging year of 2022 marked by a substantial market drop, numerous investor losses, and ultimately, the collapse of the former FTX exchange led by Sam Bankman-Fried.

Political Instability In South Korea Drives Bitcoin Prices Below $72,000

In South Korea, the prices of digital currencies like Bitcoin, XRP, and Dogecoin (DOGE) have shown significant variations, often influenced by domestic political turmoil.

After President Yoon Suk Yeol announced both the implementation and later withdrawal of martial law, the value of Bitcoin on South Korean trading platforms temporarily dropped beneath $72,000. This decrease indicates that investors are becoming more cautious about taking risks.

Since Trump became president-elect, the entire cryptocurrency market has experienced an impressive surge, as evidenced by a nearly $1.3 trillion increase in total market capitalization, based on information from CoinGecko.

Currently, Bitcoin is being traded at approximately $95,840, experiencing a minimal decrease of 0.2%. This slight dip has temporarily halted the positive trajectory it’s been on for several months. In recent hours, there’s been a noticeable shift in focus towards alternative cryptocurrencies like BNB and XRP. BNB has reached a new peak, while XRP is trading only 20% below its all-time high.

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2024-12-04 09:08