Key Points
- Bitcoin surged above $97,000, amidst rising optimism from the upcoming changes in the US administration.
- The Digital Assets Subcommittee is expected to drive efforts in US crypto legislation.
Amidst increased volatility in the crypto market, Bitcoin surged above $97,000 levels, as optimism about the upcoming Trump administration continues to fuel the market.
Bitcoin Trades Above $97,000
At the moment of writing this article, BTC is trading above $97,000, up by around 1.7% in the last 24 hours.
BTC price in USD todayDespite a week with intense market volatility that took BTC to a dip of around $89,000 levels on January 13, the digital asset’s price recovered to current levels.
The upcoming Trump administration with a crypto-oriented cabinet is among the factors that pushed BTC’s price higher.
Rep. Tom Emmer, Appointed as Vice Chair of the Digital Assets Subcommittee
The pro-crypto congressman, Rep. Tom Emmer, has been appointed Vice Chairman of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.
The Committee Chairman French Hill announced this appointment as part of the assignments for the 119th Congress.
Today, in a post via X, Emmer noted that he is honored to have been selected as Vice Chairman of the cabinet. He mentioned the upcoming administration of Trump and Gary Gensler’s leave from the US SEC, highlighting that the new administration has an excellent opportunity to ensure that the future of crypto is guided by Americans, with American values.
He concluded his message by saying that he looks forward to working with Hill, Chairman Bryan Steil, and the rest of their colleagues to foster an environment where crypto innovation can thrive.
Tom Emmer via XEmmer has been a crypto defender, criticizing federal agencies for their hostility towards crypto, and criticizing the former SEC Chair, Gary Gensler for his policies.
He also spearheaded the CBDC Anti-Surveillance State Act to block the Federal Reserve from issuing a CBDC without Congress’ approval in May 2024.
A New Era of Crypto Leadership in the US
Emmer’s new appointment mirrors the intensifying crypto regulation and innovation in the US, as the country is set to enter a new era for the digital assets industry.
The Digital Assets Subcommittee was established in 2023 and oversees the development of crypto, financial technologies, and AI in financial services.
According to Hill’s statement, the Committee will work to:
- Craft a regulatory framework that maintains the US as an innovation leader
- Protect consumers and investors with a strong regulatory system
- Regulate community bank system
- Ensure agencies are held accountable to their statutory directed missions
BTC Bull Market to Resume
Besides the upcoming Trump administration set to bring crypto-friendly policies that will support innovation in the US, Bitcoin’s price was pushed higher by the latest PPI report which came in lower than expected on January 14.
All signs point to the fact that Bitcoin’s bull market is far from over , considering the upcoming favorable environment for crypto, rising global adoption, intensifying institutional interest in BTC and the crypto industry, and resilient on-chain metrics.
BTC is expected to reclaim the important psychological level of $100,000 soon, amidst an optimistic market.
