Hard to Find a SEC Chair Job Appealing after Gensler's Mess * Bitcoin Above 100k!
I read that Trump picked Paul Atkins as his first choice to follow Gensler at the head of the SEC, but Atkins doesn't find that job appealing after Gensler left a mess at the head of the Securities and Exchange Commission.
People say he would be a pro-crypto choice, and maybe he could be convinced. Who knows? What I'm hoping is that, if he takes the job, he won't be as pro-crypto as Gensler was. Remember that Gensler was considered pro-crypto when he took the job?
Sure, the crypto landscape has changed a lot since Gensler took office, and the attitude at the governmental level is likely to change especially now that top financial firms from the US have grown deep roots in the industry and expand rapidly.
So I am expecting a more relaxed 4-year cycle in crypto than the previous one, no matter who will be SEC Chair.
There is also the question if the future head of the SEC will have as much influence on the crypto space as before, since I know there are some initiatives to move the balance of regulatory reach from the SEC to the CFTC and maybe the Treasury or the Fed, in other cases. Haven't followed them closely because many things can change now that the administration and the composition of the Senate and House have changed in the US.
Bitcoin Broke Through the 100k Threshold on High Volume
On the background of this news of the first-choice for the SEC Chair position that Trump announced, which may or may not have influenced this move, bitcoin broke through the 100k threshold on high volume, trading now at almost 103k.
Up to the time I'm writing this post, the daily volume is over 197k BTC, with 75% more than the whole day yesterday, which was a decent volume day too. The last time when the daily volume was over 200k was when it pushed over 90k. I used this source to check on volumes.
Maybe the bears will have a moment of silly pride trying to recapture 100k, but if they don't, I don't expect to see bitcoin below 100k until the bear market. The fact that bulls took their time and consolidated between 92 and 98k makes me think they are in control and still cool-headed and calculated.
Looks like we'll have some awesome crypto holidays! 😀
Posted Using InLeo Alpha
Only time will tell, but I don't think 100k will be easy to drop below. They consolidated quite a bit below 100k for a while. So I think they got most people who wanted to sell at that price.
And yet they did push it below, lol. But I think it's a temporary thing, either some big holders heard about the news of crossing 100k from the media and thought it was time to take some profit, or the whales want to mark the moment by making it look like a battle around the threshold.
Looks like we were quite accurate! With the slight pullback and then zoom! Whee!
It's even better that it consolidated a bit before breaking the 100k resistance.
😎
I don't know the history of Gensler, many didn't. I think he only got popular when he started chasing exchange owners and all that. As for the person that'll be hired to fix Gensler's mess they pretty much have to be pro-crypto. Maybe Paul just didn't like like crypto anyways
Gensler taught a course about crypto and money at MIT before being chosen as SEC Chair.
I have no idea. From what I read, he's doing very well now, and probably doesn't want to leave that for a job with such a heat on him.
Well, I'll applaud anyone who will actually take up the Gensler job. It's chaotic right there.
There’s more higher price to come
Let’s watch out!
Yep, almost sure.
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