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The Key Takeaways
- Bitcoin again topped $100,000 on Wednesday. It had recently fallen below $90,000.
- A Reuters’ report and inflation data likely helped to lift the top cryptocurrency.
- Reuters reports that the SEC might change its crypto policy next week and that ongoing enforcement could also be paused.
Bitcoin rose back to $100,000 on Wednesday on the strength of new inflation data, which lifted stock prices and news deemed bullish by cryptocurrency.
Bitcoin has recently been trading just above the six-digit threshold. These latest movements followed the publication of Consumer Price Index figures that were better than anticipated and a Reuters article about potential regulatory developments for the crypto sector in the next Trump Administration.
Bitcoin, which fell to below $90,000 on Monday for the first since mid November, also saw a rise.
CPI data indicated the Federal Reserve is more likely to reduce interest rates, easing investor fears about an extended period of pauses or higher rates. Investors are more likely to seek higher returns from riskier investments when rates drop and Treasury yields increase.
Reuters reports that the Securities and Exchange Commission’s new leadership plans to revamp the agency’s crypto policies by next week. SEC may clarify when a cryptocurrency asset is a security. This clarification has been requested by crypto exchanges, such as Coinbase. Reuters reports that some enforcement actions taken by the Biden administration could also be halted.
Yahoo! In an interview with Yahoo!
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