Former CFTC chairman Chris Giancarlo analyzes the impact of cryptocurrency policy on ‘The Claman Countdown.’
Bitcoin prices surpassed $100,000 for the first time on Wednesday as the cryptocurrency continues to hit record highs after President-elect Trump’s victory and further buzz that the incoming administration will have a crypto czar.
The price of bitcoin rose from $69,121 the day before Election Day to an all-time high of $74,445 on November 6, the day after the election.
From there, the bitcoin explosion continued, and it broke the $80,000 mark for the first time on November 10 and passed the $88,000 limit for the first time the next day. On November 13, bitcoin was trading above $92,800 before declining slightly.
The rise of crypto has attracted investors to related exchanges. 2X Bitcoin Strategy ETF, Grayscale Bitcoin Trust, Hashdex Bitcoin and ProShares Bitcoin are among the top performers for the year, followed by VettaFi, all with triple-digit returns of over 100%.
Bitcoin has been leading the polls, but Trump’s victory in addition to Vice President Kamala Harris helped fuel investor sentiment that pushed it higher.
SEC COMMISSIONER BACKS TRUMP’S PLAN TO END CRYPTO CRACKDOWN
Trump campaigned to bring a more positive regulatory approach to bitcoin and more cryptocurrencies and digital assets.
He also promised to make the US the “crypto capital of the planet” and the “bitcoin superpower of the world” at a conference this summer, and said he would establish a crypto advisory board.
FOX Business, in recent days, reported that the incoming Trump administration wants to expand the power of the Commodity Futures Trading Commission by giving it oversight of a significant part of the $3 billion digital commodities market.
A potential contender is former CFTC Chairman Chris Giancarlo who recently spoke to FOX Business.
“With adequate funding and under the right leadership, I think the CFTC can hit the ground running to begin regulating digital assets on the first day of Donald Trump’s presidency,” said former CFTC Chairman Chris Giancarlo.
The victory of President-elect Trump contributed to a record increase in bitcoin prices. (Brett Carlsen/Bloomberg via Getty Images/Getty Images)
Trump, during his campaign, promised to remove Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has overseen a deregulation of the digital asset industry aimed at rooting out bad actors — an effort that has drawn criticism from crypto-advocates.
However, Gensler beat him to the punch and announced that he would be leaving in January. FOX Business reported that former SEC Commissioner Paul Atkins is in the running to replace Gensler.
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