[Bitop Review] Trump Nominates Paul Atkins as SEC Chairman, BTC Climbs Back to 99K, ETH Hits $3,800

The U.S. stock market indices all hit record highs yesterday (12/4). President-elect Donald Trump nominated the crypto-friendly Paul Atkins to be the next chairman of the Securities and Exchange Commission (SEC). This news propelled Bitcoin from $94K to $99K. Ethereum also surged past $3,800, reaching $3,887, a level not seen since June, with a 24-hour increase of over 5%. Contrary to expectations, Ripple’s stable coin RLUSD was not launched on 12/4, leading to a significant 10.4% drop in XRP’s value.

Powell Indicates a Strong U.S. Economy, Fed Can Be Cautious with Rate Cuts

Data from the U.S. Institute for Supply Management showed that the services sector reading for November was 52.1, marking the fifth consecutive month of expansion, albeit significantly lower than October’s 56. The ADP employment report indicated that private sector job growth in November was below expectations, with only 146,000 jobs added compared to the anticipated 163,000.

Federal Reserve Chairman Jerome Powell commented that the labor market is in good shape and the economy is growing stronger than anticipated, suggesting that the economy is robust enough for the Fed to implement rate cuts cautiously.

BTC Climbs Back to 99K, Ethereum Hits $3,800

Trump nominated the crypto-friendly Paul Atkins as the next chairman of the Securities and Exchange Commission (SEC). Following this announcement, Bitcoin surged from $94K to $99K yesterday. Ethereum also saw a significant rise, reaching a peak of $3,887, the highest since June, with a 24-hour increase about 5%.

Ripple’s stable coin, RLUSD, did not launch as expected on 12/4. The official statement noted that they are still in the process of syncing with the final approval from the NYDFS, maintaining the highest regulatory standards, and promising to share updates as soon as possible. Consequently, XRP experienced a sharp decline of 10.4%.

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