Benchmark cryptocurrency bitcoin (BTC) remains stuck in a sideways trading pattern as the glow of its post-election all-time high continues to dim.
Bitcoin nearly shot above the $100,000 price point for the first time ever in the week following Donald Trump’s successful election campaign.
First positioning himself as the pro-crypto candidate of choice, Trump pledged to usher in a new era for the UK digital asset industry.
According to reports, he is already making good on the pledge by tapping Paul Atkins to replace crypto-sceptic Gary Gensler as the next chair of the Securities and Exchange Commission (SEC).
Atkins, who previously acted as an SEC commissioner, runs a consulting firm with cryptocurrency clients on its books. It is not clear if he intends to take the position.
Nonetheless, the next head of the markets regulator is likely to be more lenient to the sector than Gensler.
In the meantime, bitcoin is trading around the $95,900 mark, roughly 4% higher week on week and 127% higher year to date.
Bitcoin’s year-to-date performance – Source: tradingview.com