The cryptocurrency market roared to life Wednesday as major digital assets posted significant gains following bullish signals from top U.S. financial figures. Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) all surged amid Federal Reserve Chair Jerome Powell’s favorable remarks about Bitcoin and the nomination of Paul Atkins as the next SEC Chair.
Markets interpreted these developments as strong indicators of increasing institutional and regulatory support for digital assets—a shift that could reshape the long-term outlook for crypto adoption in the United States.
Powell Equates Bitcoin with Gold: A Game-Changing Statement
In a recent public appearance, Jerome Powell compared Bitcoin to gold, describing it as a "virtual, digital form" of the precious metal. This statement marked a notable departure from previous regulatory skepticism and helped dispel concerns that Bitcoin poses a threat to the U.S. monetary system.
Historically, central bankers have been cautious—some even hostile—toward cryptocurrencies. Powell’s comparison to gold, however, frames Bitcoin not as a destabilizing force but as a potential store of value akin to traditional safe-haven assets.
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This repositioning has had an immediate market impact. Bitcoin climbed above $98,000, breaching the $99,000 mark briefly for the first time in over 10 days. At press time, BTC was trading at $98,465.76, reflecting a +2.88% gain in 24 hours.
Paul Atkins Nomination: A Pro-Crypto Shift at the SEC?
Adding further momentum to the rally is the reported nomination of Paul Atkins as the next Chair of the U.S. Securities and Exchange Commission (SEC). Known for his pro-innovation stance, Atkins previously served as an SEC commissioner from 2002 to 2008 and has long advocated for balanced regulation that supports financial technology growth.
Market analysts believe his appointment could signal a more favorable regulatory environment for cryptocurrencies, particularly in areas like token classification, exchange oversight, and approval of spot crypto ETFs.
With Atkins potentially at the helm, expectations are rising for clearer regulatory frameworks that could reduce legal uncertainty—a key barrier to broader institutional investment in digital assets.
Ethereum and Dogecoin Follow Suit in Broad Market Rally
While Bitcoin led the charge, Ethereum saw even stronger momentum, surging +5.01% to reach $3,808.09—its highest level in six months. Analysts attribute this breakout to growing anticipation around Ethereum’s continued dominance in decentralized finance (DeFi) and layer-2 scaling solutions.
Dogecoin also joined the rally, gaining +3.25% to trade at $0.4253, driven by renewed retail interest and social media buzz surrounding its meme-coin status and potential utility expansions.
Top Gainers Highlight Sector-Wide Momentum
Beyond the major players, several altcoins posted double-digit percentage gains:
- Curve DAO Token (CRV): +23.66% ($1.09)
- The Sandbox (SAND): +19.72% ($0.9311)
- Gala (GALA): +18.08% ($0.06085)
These gains suggest strong speculative activity and renewed confidence across various segments of the crypto ecosystem, including DeFi, gaming, and decentralized governance.
Market Sentiment Reaches “Extreme Greed”
The Crypto Fear & Greed Index jumped from 78 to 84 in just 24 hours, now firmly in the “Extreme Greed” territory. This spike reflects heightened investor optimism—and caution—about near-term price movements.
Additionally, on-chain data reveals growing whale activity. Influential analyst Ali Martinez noted that nearly 400 new whales, each holding between 100 and 10,000 BTC, have entered the network over the past two weeks. Such accumulation often precedes major price rallies.
Despite the bullish sentiment, over **$513 million** in positions were liquidated across crypto markets in the past day, with $330 million coming from leveraged longs. This highlights the volatility inherent in current market conditions.
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Notably, about $383 million in short positions on Binance** remain vulnerable to liquidation if Bitcoin breaks through the symbolic **$100,000 threshold.
Technical Outlook: What’s Next for Bitcoin and Ethereum?
Analysts are increasingly optimistic about the technical trajectory of leading cryptocurrencies.
- CrypNuevo, a well-known technical analyst on X (formerly Twitter), predicts that a decisive close above $98,398** could propel Bitcoin toward **$104,000–$105,000 in the short term.
- Meanwhile, crypto analyst venturefounder forecasts a major breakout for Ethereum, drawing parallels to its explosive 2016–2017 rally. He projects ETH could reach a bold target of $15,937 by May 2025, assuming sustained network adoption and favorable macro conditions.
Global Market Cap Hits $3.58 Trillion
The total cryptocurrency market capitalization now stands at $3.58 trillion, up 1.75% in 24 hours. This growth coincides with broader financial market strength, as traditional equities also reached record highs:
- Dow Jones Industrial Average: Closed above 45,000 for the first time (+308 points)
- S&P 500: Gained 0.61%, ending at 6,086.49
- Nasdaq Composite: Rose 1.30% to 19,735.12
While U.S. private sector job growth came in below expectations for November, investors remain confident in a soft economic landing. According to the CME FedWatch Tool, market-implied odds of a 25-basis-point rate cut have increased from 72.9% to 74%—further supporting risk assets like crypto.
Frequently Asked Questions (FAQ)
Q: Why did Bitcoin rise after Jerome Powell’s comments?
A: Powell compared Bitcoin to gold—a recognition of its role as a digital store of value—which reduced fears of regulatory hostility and boosted investor confidence.
Q: Who is Paul Atkins and why does his SEC nomination matter?
A: Paul Atkins is a former SEC commissioner known for supporting innovation in finance. His nomination suggests a more balanced, crypto-friendly regulatory approach may be on the horizon.
Q: Is the current market rally sustainable?
A: While strong fundamentals and improving sentiment support upward momentum, high leverage and “Extreme Greed” levels suggest caution is warranted amid short-term volatility.
Q: What price targets are analysts predicting for Ethereum?
A: Some analysts project Ethereum could reach $15,937 by mid-2025 if it breaks out of its current trading range and maintains adoption growth in DeFi and Web3.
Q: How much money was liquidated during the recent price surge?
A: Over $513 million in positions were liquidated in 24 hours, including $330 million from leveraged long positions.
Q: Could Bitcoin hit $100,000 soon?
A: With key resistance levels breaking and over $383 million in short positions at risk on Binance alone, a move toward $100,000 appears increasingly likely if bullish momentum holds.
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As regulatory clarity improves and macroeconomic conditions remain supportive, digital assets are positioned for continued expansion. Whether you're tracking Bitcoin’s path to six figures or Ethereum’s potential multi-year breakout, now is a critical moment for informed participation in the evolving crypto economy.