Bitcoin Price Tops $100,000 Again on CPI News, Regulatory Optimism
Main points
- Bitcoin topped $100,000 again on Wednesday, recovering after recently falling below $90,000 for the first time since November.
- Inflation data and a Reuters report encouraging cryptocurrency supporters could boost the leading cryptocurrency.
- According to Reuters, the U.S. Securities and Exchange Commission may change its cryptocurrency policy as early as next week and ongoing enforcement actions may be paused.
Bitcoin prices climbed back above $100,000 on Wednesday, rising as new inflation data boosted stocks and regulatory news seen as bullish for the cryptocurrency.
Bitcoin has recently been trading in just under six figures. After the release of its latest measures Consumer Price Index data came in better than expected and a Reuters Report on regulatory developments considered potential on the road Support the crypto industry under the next Trump administration.
The rise also follows volatility in Bitcoin prices, which saw volatility on Monday Dropped below $90,000 for the first time since mid-November.
this CPI message display The Federal Reserve may be more likely to lower interest rates in the future, easing some investors’ concerns about a longer pause or even higher rates. Lower interest rates and Treasury yields tend to prompt investors to seek returns in riskier assets.
new leadership Securities and Exchange Commission Plans to overhaul the agency’s cryptocurrency policy as soon as next week, Reuters report. SEC could provide clearer guidance on when crypto-assets are considered crypto-assets Safetyclarifying that cryptocurrency exchanges like Coinbase appeal. Some Biden administration enforcement actions may also be frozen, Reuters the report said.
In an interview with Yahoo! Yesterday, outgoing SEC Chairman Gary Gensler shared his opinion that existing laws and regulations can be applied to the cryptocurrency industry, and the problem facing cryptocurrency exchanges is that they simply don’t like the law.