Bitcoin Price Reaches $100K Milestone, Trump Appoints Pro-Crypto Paul Atkins, and Other Highlights
The price of Bitcoin has reached an unprecedented milestone of $100,000 for the first time in its history. In parallel, U.S. President-elect Donald Trump has announced the nomination of pro-crypto advocate Paul Atkins to succeed Gary Gensler as the chair of the Securities and Exchange Commission (SEC). These developments headline a week filled with impactful news for the crypto space.
SEC to Reject Spot Solana ETF Applications
The United States Securities and Exchange Commission (SEC) is reportedly preparing to reject applications for spot Solana exchange-traded funds (ETFs). According to Fox News journalist Eleanor Terrett, at least two out of five issuers seeking approval for Solana ETFs have already been informed of the likely rejection.
“The consensus here, I’m told, is that the SEC won’t entertain any new crypto ETFs under the current administration,” Terrett reported on Dec. 6.
Despite this, several asset management firms, including VanEck, 21Shares, Canary Capital, Bitwise, and Grayscale, had recently filed for Solana ETFs. Their applications came at different times, starting from VanEck’s submission on June 27 to Grayscale’s post-election filing in November. These ETFs aim to provide investors with direct exposure to Solana’s growing market. However, under the current SEC stance, their approval seems increasingly unlikely.
Ether Price Surges Beyond $4K for the First Time Since March
Ether’s price has surpassed $4,000, marking a significant recovery after months of subdued performance. The cryptocurrency’s resurgence reclaims price levels unseen since March 2024, with Ethereum gaining 10.7% over the past week, according to CoinMarketCap data.
This rally followed months of trading below its 200-day exponential moving average, a critical dynamic support level. Currently, Ethereum’s relative strength index (RSI) is around 71, entering overbought territory.
The rally began on Nov. 6, coinciding with Donald Trump’s election victory, which spurred optimism in the broader crypto market. Analysts are now speculating that Ether’s price could climb to $7,000 during this cycle, fueled by record-breaking inflows into Ethereum-focused ETFs and continued development on the blockchain by a robust community of developers.
Bitcoin achieved the monumental $100,000 milestone on Dec. 5, marking a historic moment for the cryptocurrency market after a year of sustained growth. According to TradingView, Bitcoin set a new all-time high of $104,000 shortly after crossing the $100,000 threshold.
Several factors contributed to this rally. The United States saw over $31 billion in net inflows into spot Bitcoin ETFs during the year. Additionally, Bitcoin’s fourth halving in April significantly tightened supply, adding upward pressure on its price.
Donald Trump’s electoral victory in early November further boosted the cryptocurrency’s momentum, as speculation grows about a potential Bitcoin national reserve. Moreover, corporate adoption continues to rise, with notable contributions from MicroStrategy under the leadership of Michael Saylor.
Bitcoin’s journey to $100,000 underscores its growing role as a mainstream financial asset and its potential to reshape global finance.
About The Author
