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Reaching an unprecedented $103,850, Bitcoin has broken the $100,000 threshold. Key factors include a pro-crypto shift at the SEC with Paul Atkins' appointment, BlackRock's Bitcoin ETF hitting $50 billion in assets, and strong endorsements from leaders like Vladimir Putin.
Bitcoin Price Hits New All-Time High as Paul Atkins Becomes SEC Chair
At a fresh all-time high of $103,850, the price of bitcoin has smashed over the much-anticipated $100K mark.
Following Gary Gensler's resignation on January 20, the nomination of pro-crypto Paul Atkins as the next US SEC Chair is expected to have a significant impact on the price of Bitcoin, Coingape points out. In addition, the new Bitcoin ATH was set off by the surge in institutional buying, which was accompanied by substantial inflows into the BlackRock Bitcoin ETF (IBIT).
The appointment of Paul Atkins, a current SEC commissioner, to succeed Gary Gensler as chair of the US Securities and Exchange Commission was officially announced by Donald Trump on Wednesday, December 4. Bitcoin and the cryptocurrency market as a whole have been experiencing a huge upswing after the appointment of pro-crypto Atkins. The cryptocurrency industry is anticipating the imminent arrival of pro-crypto policies in the US as a result of this development.
Senator Cynthia Lumis of the United States and Ripple CEO Brad Garlinghouse both hailed this as a major victory for the cryptocurrency sector. Atkins, according to Garlinghouse, will restore "common sense" to the department. In response, Stuart Alderoty, chief legal officer of Ripple, wrote:
“The triumvirate of Atkins, Peirce, and Uyeda at the SEC will not only bring common sense back to the agency, but true investor protection as well”.
But the next SEC chair still has some unanswered questions. Paul Atkins' potential involvement with the US government in the development of a strategic Bitcoin reserve is an intriguing prospect.
BlackRock's iShares Bitcoin Trust ETF Surpasses $50 Billion in AUM in 228 Days
Thanks to robust inflows and a $100,000 increase in the price of Bitcoin, BlackRock's iShares Bitcoin Trust ETF (IBIT) has finally reached the significant milestone of $50 billion in assets under management. Notably, this achievement was made by the BlackRock Bitcoin ETF only 228 days after its introduction, which is the most crucial factor.
According to Bloomberg ETF Strategist Eric Balchunas, this growth rate is absolutely unique. The iShares Core MSCI EAFE ETF ($IEFA) took 1,329 days—more than five times longer—to achieve the $50 billion level. The demand for Bitcoin is underscored by this milestone, which also strengthens IBIT's position in the market. In addition, more conventional BlackRock funds have been looking for ways to invest in IBIT recently.
Among US Bitcoin ETFs, only the BlackRock Bitcoin ETF (IBIT) has attracted new investors this week. The initial investment in IBIT has been over $33 billion, and the net inflows for the first three days of the week alone are over $1.6 billion. Just to give you an idea, its nearest rival, Fidelity's FETH, has only $11.5 billion in funding, making it one-third as large.
Global Leaders Endorse Bitcoin as Putin Praises the Asset Class
Bitcoin's price surge today is a result of the asset class's ongoing global acceptance. Russian President Vladimir Putin strongly endorsed Bitcoin and digital assets during his remarks at the Russia Calling Investment Forum in Moscow on Wednesday. He made it clear that Bitcoin will remain unbanned and that these technologies will only advance. What did Putin say?
“Because these are new technologies and no matter what happens to the dollar, these tools will develop one way or another because everyone will strive to reduce costs and increase reliability.”
In the wake of Bitcoin's recent price climb to a new all-time high above $103,000, the cryptocurrency's market valuation also rose to a record-breaking $2 trillion. That being said, the asset class is on the verge of passing internet behemoths Alphabet and Amazon to become one of the top five global assets in the world.
BTC Funding Rate Jumps 81% and Short Liquidations Spike
A whopping 81% increase in the financing rate has caused a dramatic spike in the long holdings in Bitcoin futures. In addition, the daily trade volumes of Bitcoin increased by 50%, going beyond $100 billion, indicating a strong optimistic mood.
Coinglass data also shows that 24-hour liquidations have skyrocketed to $171 million, with long liquidations reaching $41 million and short liquidations $130 million. The price of bitcoin, according to investors, might rise even more, reaching $120,000 by December's end.
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