Bitcoin’s value has soared past the $90,000 mark, a level not seen in over a month, fueled by a weakening US dollar and anticipated supportive regulations from the Securities and Exchange Commission (SEC) under its new chairman, Paul Atkins.
The price of Bitcoin has climbed beyond $90,000 today, exceeding this valuation for the first time in the last 45 days.
Source: CoinMarketCap
This resurgence follows a period of decline from its peak value of $109,114.88, which was attained around January 20, 2025, concurrent with President Trump’s inauguration.
Driving this surge is the U.S. dollar index (DXY), which has fallen to 98.29, marking its lowest point in three years as of Monday.
The dollar’s vulnerability largely stems from increased tensions between President Trump and Jerome Powell, the Chairman of the Federal Reserve. President Trump has voiced his disapproval of Powell’s monetary strategies, asserting that the Fed chair is acting “ineffectively and belatedly” and hinting at his desire for Powell’s swift removal.
Bitcoin’s recent performance suggests a possible divergence from traditional tech stocks. Despite declines in major indices like the S&P 500, Bitcoin has seen upward movement, bucking the overall trend.
In a related development, Paul Atkins was officially appointed and sworn in as the 34th chairman of the SEC yesterday, following his confirmation by the Senate earlier this month. This event may have implications for the crypto sector.
“I am deeply grateful for the trust and support shown by President Trump and the Senate,” stated Atkins, who previously served as an SEC commissioner from 2002 to 2008.
Expectations are that Atkins will pursue more accommodating regulations for cryptocurrencies compared to his predecessor. His appointment also coincides with the SEC retracting several enforcement actions against crypto companies that were initiated under the previous leadership.
Bloomberg reports that the new SEC leadership will need to address over 70 applications for crypto-related exchange-traded funds (ETFs) this year. The applications include ETFs linked to established cryptocurrencies like XRP and Litecoin, as well as those linked to newer crypto assets.
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