Bitcoin Surges Past $105K as SEC Unveils Crypto Task Force

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Bitcoin prices climbed Wednesday after President Donald Trump’s Securities and Exchange Commission said it planned on creating a regulatory framework for crypto.

News that President Trump would support crypto regulation ignited gains across the sector. Trump’s memecoin, $TRUMP, also saw some gains although trading well below its post-launch highs.

Crypto markets were initially affected negatively after Donald Trump was inaugurated as President; as his executive orders issued on his inaugural day did not mention cryptocurrency or blockchain technology at all.

Bitcoin experienced a 4.3% gain to $105,683.7 by 01:01 ET (6:01 GMT). This cryptocurrency hit an all-time high of over $109,000 just prior to President Donald Trump’s inauguration but could not maintain that level.

Journey of Bitcoin

Bitcoin initially struggled following Donald Trump’s inauguration, falling below its record high of $109,000 as the SEC took no immediate steps against cryptocurrency. But this week alone has seen positive movement: with news that they have taken a proactive stance, Bitcoin gained 4.3% to trade at $105,683.7 on Wednesday morning – almost double what had previously been predicted!

Other cryptocurrencies followed suit, with Ethereum rising 3.1% to $3,323.10 while XRP saw a 4.5% uptick. Memecoins such as Dogecoin also saw significant increases, rising 9.1% alone.

SEC Unveils Crypto Task Force

Mark Uyeda, acting Chair appointed by Trump, announced on Tuesday that the SEC had established a task force dedicated to developing an appropriate regulatory framework for crypto.

This task force will assist other government agencies, such as the Commodity Futures Trading Commission, with creating crypto-related legislation.

Donald Trump is expected to issue executive orders that reduce regulatory scrutiny of crypto assets while increasing adoption of digital assets.

President Donald Trump campaigned on a pro-crypto stance, promising to turn America into the global “crypto capital”. Under Trump’s direction, we may witness an end to SEC lawsuits against several major crypto firms like Coinbase (NASDAQ:COIN) and Ripple.

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Altcoins and Memecoins Rise Tracking Bitcoin

Broader crypto prices also saw gains alongside Bitcoin. World No.2 crypto Ether rose 3.1% to $3,323.10 while XRP rose 4.5%. Solana Cardano Polygon added between 5- 11%; memecoin Dogecoin posted an 8.9-1% gain.

Increased network activity and intense speculative interest in meme coins built on the Solana blockchain propelled SOL to reach its most recent peak of $295. However, momentum soon began to falter, with SOL trading close to its 50 EMA of $238 – any break below this level could open it up to further downside risks but also act as immediate support.

Source: SOL/USDT Chart by TradingView

What Stock Should You Buy In?

The SEC’s crypto task force and President Trump’s pro-crypto stance are setting the stage for an extraordinary transformation in the regulatory landscape, offering hope of less scrutiny and increased adoption – positioning America as one of the global leaders of digital assets. 

Meanwhile, investors and enthusiasts alike continue to experience high optimism levels within the crypto market itself, making this an eventful moment.

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