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Political Turmoil In South Korea Impacts Bitcoin Prices As Market Eyes Trump’s Policies | Global News Avenue

Political Turmoil In South Korea Impacts Bitcoin Prices As Market Eyes Trump’s Policies

This article is also available in Spanish.

Despite an apparent pause in its upward trend, Bitcoin (BTC) is approaching the landmark $100,000 mark, driven by expectations of U.S. President-elect Donald Trump’s supportive policies for the industry.

On Tuesday, the largest digital asset traded above the key $95,000 level, which has served as support over the past 24 hours. That reflects a staggering surge of more than 40% since Trump won the election on Nov. 5.

Could a national Bitcoin reserve become a reality?

The Trump administration is expected to reverse the Biden administration’s strict regulations on digital assets, which could significantly change the U.S. cryptocurrency landscape.

The Republican Party has positioned itself Crypto-friendly candidates Lead major regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

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In addition, discussions within the Trump transition team include the possibility of creating a White House position dedicated to digital asset policy.

President-elect Trump has expressed ambitions to make the United States a global cryptocurrency hub, even proposing the concept of a national Bitcoin reserve. However, analysts have expressed doubts about the practicality of the idea.

Jaret Seiberg of TD Cowen famous While Trump may advocate for a Bitcoin reserve in public forums, this would require significant political capital to implement, especially given his staunch stance on maintaining the U.S. dollar’s ​​status as the world’s dominant currency.

cryptocurrency advocate Paul Atkins Considered a strong candidate to succeed outgoing SEC Chairman Gary Gensler. The current president is officially Announce He resigned last week, effective January 20, the day Trump was inaugurated.

Gensler played a key role in enforce compliance In the field of digital assets, especially after a tumultuous 2022, the collapse of the FTX exchange once led by Sam Bankman caused a severe market downturn and investors suffered significant financial losses.

Political instability in South Korea sends Bitcoin price below $72,000

Bitcoin and other cryptocurrencies such as Ripple South Korea has seen significant price differences between Bitcoin and Dogecoin (DOGE) due to local political instability.

The price of Bitcoin follows President Yoon Seok-yeol’s imposition and subsequent revocation of martial law Korean exchange It fell below $72,000 at one point, reflecting increased risk aversion among investors.

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However, according to data, the entire cryptocurrency market has seen staggering growth since Trump was announced as president, with the total market capitalization increasing by approximately $1.3 trillion. data From CoinGecko.

Bitcoin
The daily chart shows Bitcoin price consolidating close to all-time highs. source: BTCUSDT on TradingView.com

As of this writing, BTC is trading at $95,840, down slightly by 0.2% but halting the upward trend seen over the past few months. Over the past 8 hours, attention has shifted to altcoins, with BNB hitting a new all-time high and XRP trading just 20% below its all-time high.

Featured images from DALL-E, charts from TradingView.com

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