Bitcoin Blasts Through $103,000 After Trump’s Pro-Crypto Pick for SEC

Bitcoin prices surged to a record high of $103,630 during early trading in Asia on Thursday, Dec. 5, according to Tradingview on Binance.

The breakout of consolidation added more than 7% over the past 12 hours as the asset climbed from an intraday low of around $95,000.

Bitcoin has now made a whopping 140% year to date, outperforming most traditional assets. The latest move has also pushed its market capitalization over $2 trillion for the first time in history.

BREAKING: #Bitcoin officially hits $2 TRILLION in market cap for the first time in history.

This comes just 5 minutes after Bitcoin crossed the historic $100,000 level.

Bitcoin is now the 7th most valuable asset in the world. pic.twitter.com/x427zNKQh6

— The Kobeissi Letter (@KobeissiLetter) December 5, 2024

Bitcoin at Six Figures

Analyst Miles Deutscher commented, “The ideal scenario for $BTC would be closing above on the daily, consolidating for a few days between $100k and $105k, then smashing to $120k.”

Meanwhile, Bitcoin pioneer Anthony Pompliano said $100,000 is a psychological milestone before adding:

“Every boomer is waking up to headlines tomorrow and then going to buy some Bitcoin just in case they were wrong. Welcome to the next phase of the game.”

The big move followed the news that President-elect Donald Trump selected Paul Atkins to replace outgoing Securities and Exchange Commission Chair Gary Gensler. Trump has vowed to wind down the Biden administration’s war on crypto, which was primarily led by the SEC and Gensler.

Additionally, Russian President Vladimir Putin said at an economic forum in Moscow that nobody can prohibit the use of Bitcoin and other cryptocurrencies, reported Bloomberg.

As BTC hit the six-figure milestone, ETF Store president Nate Geraci posted a list of quotes from bankers, politicians, and billionaire boomers deriding the asset over the past few years.

“Vaporware”

“There’s no intrinsic value”

“Based on thin air”

“It’s a scam”

“How can it be worth anything”

“Rat poison squared”

“Pseudo asset”

“It’s a fraud”

“Worse than tulip bulbs”

“Ponzi scheme”

“Evil”

“Latest iteration of fool’s gold”

Bitcoin eclipses *$100,000*…

— Nate Geraci (@NateGeraci) December 5, 2024

It is unclear how high the asset will go since a Mt. Gox wallet transferred 24,052 BTC worth around $2.43 billion to a new wallet after the price broke $100,000, reported Lookonchain on Dec. 5.

Crypto Market Cap ATH

The total crypto market cap surged to a record high of $3.87 trillion following the big Bitcoin move, which pulled everything else up with it.

Ethereum (ETH) has broken out also, tapping $3,924 as it pushes towards the psychological $4,000 barrier.

Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) were also making larger gains, as were Polkadot (DOT), Bitcoin Cash (BCH), and Sui (SUI).