{"id":2052,"date":"2024-12-04T07:00:22","date_gmt":"2024-12-04T07:00:22","guid":{"rendered":"https:\/\/coinsrise.net\/blog\/political-turmoil-in-south-korea-impacts-bitcoin-prices-as-market-eyes-trumps-policies\/"},"modified":"2024-12-04T07:00:22","modified_gmt":"2024-12-04T07:00:22","slug":"political-turmoil-in-south-korea-impacts-bitcoin-prices-as-market-eyes-trumps-policies","status":"publish","type":"post","link":"https:\/\/coinsrise.net\/blog\/political-turmoil-in-south-korea-impacts-bitcoin-prices-as-market-eyes-trumps-policies\/","title":{"rendered":"Political Turmoil In South Korea Impacts Bitcoin Prices As Market Eyes Trump\u2019s Policies"},"content":{"rendered":"

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.<\/p>\n

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\u2019s election victory on November 5.<\/p>\n

Could A National BTC Reserve Become Reality?\u00a0<\/h2>\n

Trump\u2019s administration is expected to reverse the Biden administration\u2019s stringent regulations on digital assets, which could significantly alter the landscape for cryptocurrencies in the US.\u00a0<\/p>\n

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).\u00a0<\/p>\n

Additionally, discussions within Trump\u2019s transition team have included the potential creation of a dedicated White House position focused on digital-asset policy.<\/p>\n

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.\u00a0<\/p>\n

Jaret Seiberg from TD Cowen noted <\/a>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\u2019s primary currency.<\/p>\n

Crypto advocate Paul Atkins<\/a> is considered a strong candidate to replace outgoing SEC chairman Gary Gensler. The current chair officially announced <\/a>his resignation last week, effective January 20, the day of Trump’s inauguration.<\/p>\n

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.<\/p>\n

Political Instability In South Korea Drives Bitcoin Prices Below $72,000<\/h2>\n

Bitcoin and other cryptocurrencies, such as XRP and Dogecoin (DOGE), have experienced notable price discrepancies in South Korea due to local political instability.\u00a0<\/p>\n

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.<\/p>\n

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 <\/a>from CoinGecko.\u00a0<\/p>\n

\"Bitcoin\"<\/p>\n

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.\u00a0<\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":1,"featured_media":2053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[10,220,9,48,12,49,13,14,26,63,336,1375,337,980],"class_list":["post-2052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-michael-saylor","tag-michael-saylor-news","tag-microstrategy","tag-microstrategy-bitcoin-holdings"],"_links":{"self":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts\/2052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/comments?post=2052"}],"version-history":[{"count":0,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts\/2052\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/media\/2053"}],"wp:attachment":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/media?parent=2052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/categories?post=2052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/tags?post=2052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}