Bitcoin, the world’s largest cryptocurrency by market value, surpassed the $107,000 mark in early trading on Wednesday after the US Securities and Exchange Commission (SEC) announced its plans to revamp cryptocurrency regulations.
Bitcoin was trading 4% higher at $105,585, having reached a day’s high of $107,180. Ethereum, the second-largest cryptocurrency, increased by 2.8% to $3,322.
On Tuesday, the SEC’s new leadership unveiled the formation of a task force dedicated to creating a regulatory framework for digital assets, marking the Trump administration’s first significant move to address cryptocurrency policy.
“Following a brief dip, Bitcoin climbed over 4% as the SEC launched the ‘Crypto Task Force’ to devise a framework for digital assets. This initiative bolstered investor confidence in the Trump administration’s approach to crypto, despite the topic not being addressed during the inauguration,” said Edul Patel, CEO of Mudrex.
Patel highlighted, “With…
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