When stock market professionals welcomed the election of Donald Trump as the chairman of the US Security Commission, the trading value of one currency, Bitcoin, exceeded 100,000 US dollars for the first time on Thursday. South Korean President Yoon Suk-Yeol has been under military rule for only a few hours this week and has faced impeachment proposals since its return.
The popular cryptocurrency, which has been hovering around $90,000 in recent weeks, has finally reached historic levels in Asia. Crypto trading hit a record high after Trump announced that he would nominate prominent crypto proponent Paul Atkins as chairman of the Securities and Exchange Commission (SEC). Atkins is the founder of Potomac Global Partners, a risk consulting firm. Its clients include companies in the banking, trading and cryptocurrency industries.
Trump’s transition team has mentioned that he has co-chaired the Digital Chamber of Commerce since 2017. Atkins says digital assets and other innovations are critical to making America greater than ever. Stephen Ince of SPI Asset Management said Atkins has a “track record” of criticizing the SEC’s tough stance on cryptocurrency firms. “This strategic move has excited the crypto community, raising investor hopes for a potentially more accommodative regulatory landscape under Atkins’ watch,” Innes said.
Breaking the record in the trading price, one currency of Bitcoin was traded at one hundred and three thousand and eight hundred US dollars on Thursday.
It has surged more than 50 percent since Trump’s election victory and is up nearly 140 percent since the end of the year on confidence that US President-elect Trump will push through measures to regulate cryptocurrencies. During the election campaign, he promised to make the United States the ‘bitcoin and cryptocurrency capital of the world’.
South Korean President Yoon Suk-Yeol’s dramatic declaration of martial law comes as traders monitor the events there, and Bitcoin has surged. South Korean opposition groups are now pushing for his (Yoon) impeachment, while the defense minister has resigned due to the political crisis. Investors are also eyeing France after Prime Minister Michel Barnier’s three-month-old government fell on a motion of no confidence linked to a controversial budget proposal.
The euro suffered no major impact, although local share trading was expected to be particularly weak due to the eurozone’s second-largest economy (PRMNS), but the move added fresh uncertainty to an already tense political situation in France following a divisive election earlier this year. Elsewhere in Asia, share trading was mixed. Investors struggled to hold records for all three key indexes on Wall Street, where soft data on jobs and services fueled hopes of a Federal Reserve interest rate cut this month.
Although the prices of Tokyo, Shanghai, Sydney, Singapore, Mumbai and Taipei have increased, Hong Kong, Wellington, Jakarta and Manila have gone down in terms of stock trading.
