Bitcoin News

3 Key Reasons Why Bitcoin Price Is Rising Today

Bitcoin price surge to a record high of $103,850 follows the appointment of pro-crypto Paul Atkins as SEC Chair by Donald Trump, on Wednesday.
Published by
3 Key Reasons Why Bitcoin Price Is Rising Today

Highlights

  • Bitcoin Price hits new all-time high as crypto industry players see Paul Atkin's SEC Chair appointment as big win for crypto.
  • BlackRock iShares Bitcoin Trust ETF (IBIT) surpassed $50 billion in assets under management in just 228 days.
  • Bitcoin get support from global leaders with Vladimir Putin praising the asset class.
  • BTC funding rate jumps 81% and short liquidations spike.

Bitcoin price has surged past the highly anticipated $100K milestone, reaching a new all-time high of $103,850. The rally was driven by key factors, including the appointment of pro-crypto Paul Atkins as the next U.S. SEC Chair following Gary Gensler’s upcoming departure on January 20. Additionally, strong institutional buying and substantial inflows into BlackRock’s Bitcoin ETF (IBIT) further fueled the momentum behind this historic price surge.

Advertisement

Three Reasons Behind the Bitcoin Price Rally to $103K

1. Donald Trump Appoints Paul Atkins As Next US SEC Chair

On Wednesday, December 4, Donald Trump finally made the announcement that SEC Commissioner Paul Atkins will be the next US SEC Chair replacing Gary Gensler. The appointment of pro-crypto Atkins has pushed Bitcoin price and the overall crypto market into a strong rally. This development has made the crypto industry optimistic about pro-crypto policies coming to the US very soon.

Ripple CEO Brad Garlinghouse immediately celebrated this development along with US Senator Cynthia Lumis calling it a big win for the crypto industry. Garlinghouse said that Atkins will bring some “common sense” back to the agency. Responding to this, Ripple’s Chief Legal Officer Stuart Alderoty wrote:

“The triumvirate of Atkins, Peirce, and Uyeda at the SEC will not only bring common sense back to the agency, but true investor protection as well”.

However, there are a few questions that remain for the next SEC Chair. It will be interesting to see whether Paul Atkins works with the US government to build the country’s strategic Bitcoin reserve.

2. BlackRock Bitcoin ETF Crosses $50 Billion AUM Supporting Bitcoin Price Rally

BlackRock’s iShares Bitcoin Trust ETF (IBIT) has finally crossed the important milestone of $50 billion in assets under management, which is supported by strong inflows and a Bitcoin price surge of $100K. The most important thing is that the BlackRock Bitcoin ETF attained this milestone just within 228 days of launch.

Bloomberg ETF Strategist Eric Balchunas noted that this rapid growth is unprecedented, with the next fastest ETF to reach the $50 billion mark being the iShares Core MSCI EAFE ETF ($IEFA), which took 1,329 days—over five times longer. This milestone highlights the demand for Bitcoin while strengthening IBIT’s position in the market. Besides, traditional BlackRock funds have also sought exposure to IBIT over the past few months.

The BlackRock Bitcoin ETF (IBIT) has been single-handedly driving all inflows into US Bitcoin ETFs this week. Just in the first three days of the week, IBIT has netted more than $1.6 billion in net inflows taking its total inflows since inception to more than $33 billion. For reference, its immediate competitor Fidelity’s FETH is one-third in size with $11.5 billion in inflows.

3. Russian President Vladimir Putin Recognizes Bitcoin

Today’s Bitcoin price rally comes as the asset class continues to get approval from across the world. During a speech on Wednesday at the Russia Calling Investment Forum in Moscow, Russian President Vladimir Putin voiced strong support for Bitcoin and digital assets. He emphasized that no one can ban Bitcoin and that these technologies will continue to grow. Putin said:

“Because these are new technologies and no matter what happens to the dollar, these tools will develop one way or another because everyone will strive to reduce costs and increase reliability.”

Advertisement

BTC Becomes A $2 Trillion Asset

Following the recent Bitcoin price rally to its new all-time high above $103,000, its market cap also surged past $2 trillion for the first time in history. As a result, the asset class is very much close to overtaking tech giants Alphabet and Amazon, to enter the list of top five global assets worldwide.

The Bitcoin futures long positions have surged significantly with the funding rate surging by a massive 81%. Also, BTC’s daily trading volumes surged 50% surging past $100 billion and showing strong bullish sentiment. The

Also, the Coinglass data shows that the 24-hour liquidations have soared to $171 million of which $130 million are in short liquidations and $41 million in long liquidations. Investors predict the BTC price rally could continue further to $120,000 by the end of December.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy

The Bitcoin price is up today, after a significant drop in the last 24 hours.…

October 9, 2025
  • 24/7 Cryptocurrency News

Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH

Flare Network has recorded over $43 million worth of XRP now bridged onto its blockchain.…

October 9, 2025
  • Bitcoin News

Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech

Bitcoin and Ethereum are dragging lower amid massive volatility ahead of Fed Chair Jerome Powell's…

October 9, 2025
  • 24/7 Cryptocurrency News

Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption

Ripple has announced a new partnership with Bahrain’s Fintech Bay (BFB). This initiative seeks to…

October 9, 2025
  • Altcoin News

XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz

In a major XRP news today, whales are betting against XRP ETF launch anticipation and…

October 9, 2025
  • 24/7 Cryptocurrency News

Just In: DeFi Dev Corp Launches Japan’s First Solana Treasury Company, SOL Price Reacts

DeFi Dev Corp has announced the creation of Japan’s first Solana Treasury firm in partnership…

October 9, 2025