Bitcoin Hovers Below $100,000 Threshold as Regulators Loom Large
Bitcoin, the world’s largest digital currency, was trading at $95,493.0 on Thursday, just shy of the $100,000 threshold it has been eyeing. The price of bitcoin has been on a record-breaking streak since the Nov. 5 presidential election, boosted by expectations that the incoming Trump administration will be pro-crypto.
The Commodity Futures Trading Commission (CFTC) is set to take over as the primary regulator of the US cryptocurrency market, replacing the more stringent Securities and Exchange Commission (SEC). This news sent crypto firms in the US into a frenzy, with Coinbase, Consensys, and Kraken seeing major gains.
Paul Atkins, a long-time financial regulator with a pro-crypto stance, is also in the running to become the next SEC Chair. His appointment would likely be a friendly development for the industry.
However, not all analysts are optimistic, with Compass Point stating that President Trump’s plan to create a Bitcoin strategic reserve has limited potential. They believe that Congress is unlikely to approve deficit-driven funding for the government to buy Bitcoin.
The broader cryptocurrency market was mixed on Thursday, with altcoins like Ethereum rising 4.8% to $3,631.56. Meme tokens also saw gains, with Dogecoin rising 3%.
