Important points
- Bitcoin topped $100,000 again on Wednesday, rising again after recently dipping below $90,000 for the first time since November.
- Inflation data and a Reuters report encouraging crypto backers likely pushed major cryptocurrencies higher.
- According to Reuters, the SEC could change its crypto policy as soon as next week, potentially pausing ongoing enforcement actions.
Bitcoin rose above $100,000 on Wednesday on new inflation data that boosted stocks and regulatory news seen as bullish for cryptocurrencies.
Bitcoin recently traded just below six-digit levels. The latest developments include the release of better-than-expected consumer price index data; Reuters A report on regulatory trends that are likely to affect the virtual currency industry under the next Trump administration.
The rally also follows a period of volatility for Bitcoin, which fell below $90,000 on Monday for the first time since mid-November.
CPI News suggested the Federal Reserve may be more likely to lower interest rates in the future, allaying some investors' concerns about an extended hiatus or further rise in interest rates. Lower interest rates and bond yields are pushing investors to seek returns in riskier assets.
The Securities and Exchange Commission's new leadership plans to overhaul the agency's crypto policy as early as next week. Reuters reported. The SEC may provide clearer guidance on when crypto assets are considered securities, and crypto exchanges like Coinbase have sought clarification. Some enforcement actions by the Biden administration could also be frozen. Reuters Reported.
In an interview with Yahoo! yesterday at the Treasury Department, outgoing SEC Chairman Gary Gensler stated that current laws and regulations are applicable to the crypto industry and that the issues facing crypto exchanges are simply They shared the belief that the law should not be liked.
