Emmanuel OchayiBitcoin, the world’s leading cryptocurrency, surged past $107,000 on Wednesday after the U.S. Securities and Exchange Commission (SEC) announced plans to reform cryptocurrency regulations.
Bitcoin’s Market Movement
Bitcoin’s price climbed 4% to $105,585, reaching an intraday high of $107,180. Ethereum, the second-largest cryptocurrency, also gained 2.8%, trading at $3,322.
Join our WhatsApp ChannelEdul Patel, CEO of Mudrex, commented on the market’s response: “Bitcoin’s rally above $107,000 shows investor optimism about the SEC’s regulatory framework. This development could reshape how cryptocurrencies are perceived globally.”
SEC Launches ‘Crypto Task Force’
The SEC unveiled the formation of a “Crypto Task Force” on Tuesday, signaling the Trump administration’s commitment to addressing digital assets.
Commissioner Hester Peirce, often called “Crypto Mom” for her pro-cryptocurrency stance, leads the task force. “Our goal is to create a balanced framework that fosters innovation while protecting investors,” Peirce stated.
Patel added, “With Hester Peirce at the helm, we can expect thoughtful policies that promote a thriving crypto ecosystem in the United States.”
Trump’s Executive Orders Silent on Crypto
Despite Bitcoin’s recent milestones, cryptocurrencies were notably absent from President Trump’s initial executive orders.
“Trump’s silence on crypto in his day-one executive actions disappointed some investors,” said crypto analyst Brian Carter. “However, the market is optimistic that his administration will prioritize blockchain technology moving forward.”
Bitcoin briefly hit a record high of $109,071 on Monday during Trump’s inauguration but experienced a slight pullback afterward.
READ ALSO: Expert Predicts Bitcoin Hitting $180,000 By End Of 2025, Urges Nigeria To Build Crypto Reserve
Executive Orders to Watch
The following executive orders could indirectly impact Bitcoin and the broader cryptocurrency market:
- Task Force on Emerging Technologies: Focus on fostering innovation across sectors.
- Regulatory Reform Committees: Aim to streamline existing financial regulations.
- National Infrastructure Plan: May include blockchain applications in cybersecurity.
Altcoin Market Sees Gains
While Bitcoin took the spotlight, altcoins also posted significant gains:
- XRP rose 4%.
- Solana surged by 10%.
- Dogecoin jumped 8.9%.
Other notable performers included Chainlink (+9%), Avalanche (+6.5%), and Sui (+9.3%).
“Altcoins have benefited from Bitcoin’s rally, showing strong investor sentiment across the board,” said market strategist Linda Wong.
New Tokens Show Mixed Results
Recently launched tokens tied to the Trump brand had a mixed day:
- OFFICIAL TRUMP soared 29%.
- Melania Coin rose 2% after previous steep declines.
“While these tokens are speculative, they’ve generated interest due to Trump’s pro-crypto rhetoric,” said Wong.
Bitcoin Dominance Rises
Bitcoin’s market capitalization hit $2.092 trillion on Wednesday, maintaining a dominance of 57.55%, according to CoinMarketCap. However, trading volume dipped 37.67% to $76.4 billion.
What Experts Are Saying
“Bitcoin’s rise highlights its resilience and growing adoption as a store of value,” noted Carter. “However, regulatory clarity remains essential for long-term stability.”
Looking Ahead
With the SEC’s regulatory efforts underway, investors remain optimistic about the future of cryptocurrencies. As Patel concluded, “This is just the beginning of a new era for digital assets.”
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
