Bitcoin's Unstoppable Surge... Approaching the 'Dream $100,000' [Bitcoin Now]

'Regulator' Gensler SEC Chairman Announces Resignation
'Trump Trade' Phenomenon Continues

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), who announced his resignation to coincide with the inauguration of U.S. President Donald Trump in January next year. Photo by Reuters Yonhap News

Bitcoin prices in the third week of November approached the $100,000 mark. During the day, the price surpassed $98,000, fueling market expectations that the $100,000 milestone was within reach. This phenomenon is observed as the 'Trump Trade' continues following the election of Donald Trump, the 47th President of the United States and Republican candidate. The market cheered the news that Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC) and a formidable figure in the virtual asset industry, will resign early in January next year.

According to the global virtual asset market tracking site CoinMarketCap, as of 8:45 AM on the 23rd (Korean time), Bitcoin was trading at $98,885.05, up 0.30% from the previous day. Compared to a week ago, it rose 8.56%, and compared to a month ago, it increased by 48.33%. The year-over-year increase stands at 164.38%.

Bitcoin prices started in the low $90,000 range on the 17th, showed weakness on the 18th and 19th, but reversed to an upward trend on the 20th. It then rose for four consecutive days, quickly bringing the $100,000 mark within reach. Since the U.S. presidential election event on the 6th (Korean time), the price has jumped more than 30% in 17 days from the $74,000 range.

The market expects that policies to revitalize the virtual asset market will continue. In fact, Gary Gensler, a proponent of strict U.S. virtual asset regulations and SEC chairman, announced on the 21st that he intends to resign on January 20th next year, when President-elect Donald Trump is inaugurated. Trump had previously stated he would dismiss Gensler on his first day in office. Gensler’s term was set to last until April 2026, so this is an early resignation. Gensler has been involved in legal battles with well-known virtual asset foundations and exchanges such as Binance, Coinbase, Kraken, and Ripple Labs. He maintained an extremely conservative approach regarding the classification of 'securities,' which has drawn criticism for excessive regulation.

If President Trump’s campaign promise to stockpile Bitcoin as a strategic asset is realized, Bitcoin’s long-term value is also expected to rise. Representative Cynthia Lummis has also introduced the 'BITCOIN ACT,' a bill proposing to hold Bitcoin as a strategic asset for the next 20 years. The BITCOIN ACT is an acronym derived from 'Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide.' The bill’s core components include ▲ Strategic Bitcoin Reserve (SBR) legislation ▲ a systematic Bitcoin purchase program ▲ and a comprehensive national custody 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 longer it survives, the more seriously it is taken." He also noted, "As an economist and investor, it is very difficult to evaluate this, but no one knows how far the value will go, yet there is clearly upward momentum at present."

According to virtual asset data provider Alternative, the Fear & Greed Index representing investor sentiment stood at 94 points (extreme greed) on this day. This is a sharp increase from 80 points the previous week. Alternative’s Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating optimism.