On Thursday, US President-elect Donald Trump announced David Sacks as the White House AI and cryptocurrency czar. Sacks is the former chief operating officer at PayPal. Trump’s pro-crypto stance has led to a significant increase in investor sentiment. Sack’s appointment follows the announcement of Paul Atkins as the new SEC chair. Both developments could lead to another market rally.
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What Will The Cryptocurrency Czar Do?
According to President-elect Donald Trump, Sacks “will work on a legal framework so the Crypto industry has the clarity it has been asking for and can thrive in the U.S.“
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Many anticipate Sacks and Atkins to change the digital currency landscape in the US. The appointment of Atkins as the new SEC chair was celebrated in the cryptocurrency realm. Bitcoin (BTC) broke the $100,000 mark for the first time following the announcement. Former SEC chair Gary Gensler was seen as a villain for the cryptocurrency sector.
Will The Market Rally Again?
Bitcoin (BTC) has fallen to the $97,000 level after its recent ascent to the $103,000 mark. The cryptocurrency market dip may have been due to investors booking profits.
Trump congratulated the Bitcoin community after the asset hit a new all-time high. The President-elect stated on Truth Social, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!“
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The cryptocurrency market does not seem to be following a fixed pattern. Solana (SOL), BNB, and TRON (TRX) hit new all-time highs recently but have faced significant price corrections.
The appointment of a cryptocurrency czar could be a boon for the industry. Many anticipate lenient regulations under Trump’s leadership. We may be gearing up for another bullish outbreak. Many anticipate an extended bull run this cycle.
