Bitcoin's surge to over $109,000 is largely attributed to investor optimism regarding Donald Trump's administration potentially creating a more favorable environment for crypto. This has created the so-called 'Trump effect', with expectations that he will leverage executive power to ease regulations for the digital asset market.
Trump's reversal on cryptocurrencies signifies a shift, where he aims to position America as 'the crypto capital of the planet'. His proposed initiatives include establishing a 'crypto advisory council' and potentially ousting SEC Chair Gary Gensler, signaling a significant policy shift.
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