{"id":12375,"date":"2024-12-04T06:00:08","date_gmt":"2024-12-04T06:00:08","guid":{"rendered":"https:\/\/cryptd.in\/political-turmoil-in-south-korea-impacts-bitcoin-prices-as-market-eyes-trumps-policies\/"},"modified":"2024-12-04T06:00:08","modified_gmt":"2024-12-04T06:00:08","slug":"political-turmoil-in-south-korea-impacts-bitcoin-prices-as-market-eyes-trumps-policies","status":"publish","type":"post","link":"https:\/\/cryptd.in\/sk\/political-turmoil-in-south-korea-impacts-bitcoin-prices-as-market-eyes-trumps-policies\/","title":{"rendered":"Political Turmoil In South Korea Impacts Bitcoin Prices As Market Eyes Trump\u2019s Policies"},"content":{"rendered":"

Despite a notable pause in its upward trend, Bitcoin (BTC) is approaching the landmark $100,000 mark, fueled by expectations of supportive policies for the sector from US President-elect Donald Trump.<\/p>\n

On Tuesday, the largest digital asset traded above the key $95,000 mark, acting as support for the past 24 hours. This reflects a remarkable surge of over 40% since Trump\u2019s election victory on November 5.<\/p>\n

Could A National BTC Reserve Become Reality?\u00a0<\/h2>\n

Trump\u2019s administration is expected to reverse the Biden administration\u2019s stringent regulations on digital assets, which could significantly alter the landscape for cryptocurrencies in the US.\u00a0<\/p>\n

The Republican party is already positioning crypto-friendly candidates <\/a>to lead key regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).\u00a0<\/p>\n

Additionally, discussions within Trump\u2019s transition team have included the potential creation of a dedicated White House position focused on digital-asset policy.<\/p>\n

President-elect Trump has voiced ambitions to establish the US as the global hub for cryptocurrency, even proposing the concept of a national Bitcoin reserve. However, analysts express skepticism about the practicality of this idea.\u00a0<\/p>\n

Jaret Seiberg from TD Cowen noted <\/a>that while Trump may advocate for a Bitcoin reserve in public forums, it would require significant political capital to implement, especially given his firm stance on maintaining the US dollar\u2019s status as the world\u2019s primary currency.<\/p>\n

Crypto advocate Paul Atkins<\/a> is considered a strong candidate to replace outgoing SEC chairman Gary Gensler. The current chair officially announced <\/a>his resignation last week, effective January 20, the day of Trump\u2019s inauguration.<\/p>\n

Gensler has played a key role in enforcing compliance<\/a> in the digital asset space, especially after a tumultuous 2022 that saw a significant market downturn and significant financial losses for investors following the implosion of the once Sam Bankman-led FTX exchange.<\/p>\n

Political Instability In South Korea Drives Bitcoin Prices Below $72,000<\/h2>\n

Bitcoin and other cryptocurrencies, such as XRP <\/a>and Dogecoin (DOGE), have experienced notable price discrepancies in South Korea due to local political instability.\u00a0<\/p>\n

Following the imposition and subsequent rescinding of martial law by President Yoon Suk Yeol, Bitcoin\u2019s price on South Korean exchanges<\/a> dipped below $72,000 at one point, reflecting heightened risk aversion among investors.<\/p>\n

However, the overall cryptocurrency market has seen a staggering increase since Trump was declared president-elect, with total market capitalization rising by approximately $1.3 trillion, according to \u00fadaje <\/a>from CoinGecko.\u00a0<\/p>\n

\"Bitcoin\"<\/p>\n

At the time of writing, BTC is trading at $95,840, posting slight losses of 0.2%, but halting the upward trend seen over the past few months. Over the past 8 hours, attention has shifted to altcoins such as BNB, which hit a new record high, and XRP, which is trading just 20% below its all-time high.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

Despite a notable pause in its upward trend, Bitcoin (BTC) is approaching the landmark $100,000 mark, fueled by expectations of supportive policies for the sector from US President-elect Donald Trump. On Tuesday, the largest digital asset traded above the key $95,000 mark, acting as support for the past 24 hours. This reflects a remarkable surge […]<\/p>\n","protected":false},"author":0,"featured_media":12376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nPolitical Turmoil In South Korea Impacts Bitcoin Prices As Market Eyes Trump\u2019s Policies - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/sk\/political-turmoil-in-south-korea-impacts-bitcoin-prices-as-market-eyes-trumps-policies\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Political Turmoil In South Korea Impacts Bitcoin Prices As Market Eyes Trump\u2019s Policies - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Despite a notable pause in its upward trend, Bitcoin (BTC) is approaching the landmark $100,000 mark, fueled by expectations of supportive policies for the sector from US President-elect Donald Trump. On Tuesday, the largest digital asset traded above the key $95,000 mark, acting as support for the past 24 hours. 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