Bitcoin is back on the rise today following the latest announcement by the SEC that its chair Gary Gensler will be stepping down from his post. In a move that came following mounting pressure, Gary Gensler announced he is officially stepping down from his role as chairman on January 20th. There has been growing speculation on his future in the SEC and a potential replacement since Donald Trump won the US election, and now the Chair has stamped his future.
The news of Gensler stepping down from the SEC was a big win for crypto enthusiasts and investors. His resignation comes after a reign as chair where he made crypto regulation a priority, putting the hammer down on Bitcoin ETFs and crypto crime. With Trump’s cabinet being much more crypto-friendly, Gensler’s position in the SEC was always under threat. He ran the SEC as an anti-crypto unit, prolonging the approval of crypto ETFs and pursuing multiple lawsuits against crypto companies. Even the rest of the US government agreed that the SEC’s tyrannical rule over crypto was out of hand, and multiple sitting government members called for Gensler to be fired.
Gensler’s Resignation Ignites Crypto Market Surge, Lead by Bitcoin
With Gensler’s decision, the crypto market has rallied in the last few hours. Bitcoin in particular is up 4% today and spiked in price immediately after the SEC announcement. Bitcoin has soared roughly 40% since the presidential election on Nov. 5. Multiple analysts have raised their price predictions for BTC to above $100k after its explosive surge in November. Currently trading at just over $98,000, BTC may surpass six digits very soon.
Digital asset firm Galaxy Digital CEO Mike Novogratz told Yahoo Finance on Wednesday that whoever Trump chooses to head the SEC will be positive for Bitcoin given the “overall pro-crypto attitude” of the president-elect’s team. “All the guys around the table like our space. They believe in the digital asset world. They believe in blockchains and bitcoin, and so the whole energy of this administration is going to be so different than the Elizabeth Warren, Gary Gensler era,” Novogratz said. With this sentiment, BTC is set to surge further any day now.
Also Read: Trump’s Crypto Council Expected to Set Up Bitcoin Reserve Plan
Leading cryptocurrency analyst Ali Charts has predicted that Bitcoin will end 2024 trading at a high of $135,000. He shared a chart showing BTC is replicating its 2020 performance and will only move higher from here. According to the forecast, BTC could hit $108,000 and drop to the $99,000 level thereafter. After the drop, Bitcoin could straight away skyrocket in the charts and reach a high of $135,000 by 2024’s end. That’s an uptick and return on investment (ROI) of approximately 40% from its current price of $97,400.
Bulls currently have a strong hold on Bitcoin, and they’re not expected to let go any time soon.