Hope is the only constant amid the volatile market movements.
Paul Atkins was sworn in as the new chairman of the U.S. Securities and Exchange Commission (SEC) last week. Considering his previous experience with crypto firms, market participants expect him to be soft on the industry.
Gensler’s impact on crypto
Previous chairman Gary Gensler had launched investigations into many crypto firms, stating their tokens were securities and needed to be registered. The uncertainty surrounding this forced many crypto firms to move their businesses overseas.
The crypto industry participants hope for better from Atkins. Recently, his statement at the SEC's crypto roundtable was considered positive by many.
"Market participants in this technology deserve clear regulatory rules," said Paul Atkins in his first remarks after being sworn in as chairman of the agency.
Optimism fuels gains
Optimism prevails in the crypto industry, and traders see this as the main reason behind the gains in recent days.
BTC crossed the $95k mark before the market turned neutral on Sunday. Investors also showed interest in altcoins, which had been bearish for a long time.
Participants feel that despite a pro-crypto SEC chair, market sentiments will be dominated by how the U.S. President, Donald Trump, behaves in the coming days.
“Markets witnessed restrictive regulations in the past five years but still flourished. Broader issues rule the market,” said a trader on a crypto forum.
Trump’s trade decisions
Recently, Trump’s decision to impose a 10% flat tariff on the world and reciprocal tariffs made headlines and adversely affected all major world markets.
Currently, there is a 90-day pause on all the recently imposed tariffs except the ones on China.
The pause helped most markets recover and reach new highs.
The sentiment will depend on broader trade and tariff decisions. American decisions and their reciprocations are likely to keep the crypto market volatile.
