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

Name	Symbol	Market	Market Cap ($)	Algorithm
Sei	SEIUSD	Crypto	2,230,532,111	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Sei

SEIUSD

Crypto

2,230,532,111

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0333	5.55%	0.6336	0.6338	0.6339

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0333

5.55%

0.6336

0.6338

0.6339

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.646	0.5961	0.5968	0.6003	0.202500 - 1.15

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.646

0.5961

0.5968

0.6003

0.202500 - 1.15

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:12:21	1.90	0.6336	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:12:21

1.90

0.6336

USD

Price x Volume	Volume	Base Symbol	Related Pairs
13,222,057.20	20,975,774.40	SEI	SEIEUR	SEIGBP	SEIBTC

Price x Volume

Volume

Base Symbol

Related Pairs

13,222,057.20

20,975,774.40

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

04/12/2024 6:00am

NEWSBTC

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 of over 40% since Trump’s election victory on November 5. Could A National BTC Reserve Become Reality? Trump’s administration is expected to reverse the Biden administration’s stringent regulations on digital assets, which could significantly alter the landscape for cryptocurrencies in the US. The Republican party is already positioning crypto-friendly candidates to lead key regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Related Reading: XRP Q3 Overview: Key Metrics Suggest A Bright Future For The Third Biggest Crypto Additionally, discussions within Trump’s transition team have included the potential creation of a dedicated White House position focused on digital-asset policy. 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. Jaret Seiberg from TD Cowen noted 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’s status as the world’s primary currency. Crypto advocate Paul Atkins is considered a strong candidate to replace outgoing SEC chairman Gary Gensler. The current chair officially announced his resignation last week, effective January 20, the day of Trump’s inauguration. Gensler has played a key role in enforcing compliance 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. Political Instability In South Korea Drives Bitcoin Prices Below $72,000 Bitcoin and other cryptocurrencies, such as XRP and Dogecoin (DOGE), have experienced notable price discrepancies in South Korea due to local political instability. Following the imposition and subsequent rescinding of martial law by President Yoon Suk Yeol, Bitcoin’s price on South Korean exchanges dipped below $72,000 at one point, reflecting heightened risk aversion among investors. Related Reading: CryptoQuant CEO Warns Not To Short XRP Due To Insider Whale Activity 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 data from CoinGecko. 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. Featured image from DALL-E, chart from TradingView.com

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