Bitcoin price jumps as Trump plans to name Paul Atkins as new SEC Chair By Investing.com

On Wednesday afternoon, Bitcoin price has recovered a part of the losses following the announcement of U. S. president-elect Donald Trump that he is going to nominate Paul Atkins as the new SEC Chair.

Atkins is the current CEO of Patomak Global Partners and used to work at the SEC as a commissioner between 2002 and 2008.

The Bitcoin price is stable at the bottom of recent peaks as the market waited for more signals from the U. S. monetary policy and Donald Trump’s agenda for crypto. Major altcoins were up by today’s close.

Bitcoin jumped by 0. 4% to a price of $95,611. 0 by 13:56 ET (17:56 GMT), and it had moved only within the range that had been seen since the past two weeks around $90,000 and $100,000.

Although the world’s largest crypto had surged following Trump’s win in the 2024 presidential elections, it became static after failing to break through the psychologically important mark of $100,000.

Crypto markets remained more or less unperturbed for more inputs on policy from Donald Trump after the President-elect’s remarks on easing up on regulations concerning cryptocurrencies.

Trump has said that he would make America the crypto nation and had even suggested the creation of a Bitcoin reserve.

Some of the cabinet picks by Trump especially for the Secretary of the Treasury and Secretary of Commerce have been seen to hold pro-crypto stances.

It was also reported that Trump was also planning to move the regulation of crypto to the Commodity Futures Trading Commission from the Securities and Exchange Commission.

Nevertheless, the traders were not sure whether Trump will be able to fulfill all the crypto-related goals he has set. One of the major issues of discussion has been the creation of a Bitcoin reserve with analysts agreeing that optimization of the government’s spending and the dollar index would be the two most important factors that would shape any such decision to buy more coins.

It also pointed out that the government has recently moved about $1. 9 billion of Bitcoin to an exchange which raised concern of a possible sell off.

The United States government has moved about $33. 6 million worth of cryptocurrency from a wallet associated with assets confiscated from the now-defunct cryptocurrency exchange FTX and its affiliated company Alameda. The funds were moved to two unknown wallets.

Several transactions were made on Tuesday like, a transfer of 5,024 Ether which is worth around $18 million to wallets which begin with “0x9cd” and “0x9ac” respectively as captured by Arkham Intelligence.

Other assets which were identified as “FTX Alameda Seized Funds” by Arkham included $13m in BUSD, $1. 5m in SHIB and other tokens including AERGO, POWR, AXS, YFI, WBTC, NMR, COMP, SRM, and RLC which were all sent to the same two wallets.

Other major cryptos prices advanced slightly on Wednesday, but caution was observed as more signals on interest rates from the US were expected. The Fed chairman Jerome Powell is scheduled to speak this afternoon while the nonfarm payrolls report for the month of September will be released on Friday.

The second largest crypto by market capitalization Ether surged by 5% to trade at $3,711. 62

XRP dropped by 0. 4% to $2. 55, cooling off after the massive rally which saw the token reach levels not seen in the past six years. This was on the back of rumours that a change in leadership would make the SEC withdraw from the case it has filed against Ripple concerning XRP.