InstaForex

October 7, 2021

Bitcoin (BTC) Reaches $ 55,000 Again, These 3 Factors Need To Be Considered!

 Bitcoin (BTC) rebounded to $ 55,753 last night inviting relief among cryptocurrency investors.


At the time of writing, the asset is however down more than 2.4% from that level, trading at $ 54,391 with an increase of almost 7% in 24 hours.



The Bitcoin market value also bounced back past $ 1 trillion with a jump of over 6% to $ 1.22 trillion for the first time since May.


This encouraging movement was driven by two positive sentiments that can be detailed:


There are no restrictions from the SEC

Yesterday it was reported the SEC has no plans to block the crypto sector.

The statement was revealed by its chairman, Gary Gensler, who was seen agreeing with the move taken by the chairman of Federal Reserves, Jerome Powell last week.

Cryptocurrency Laws Amended

Lawmakers want crypto laws amended to ensure there is room for crypto developer groups to develop digital assets

A period of 3 years for a project without registration for the purpose of developing a fully decentralized network.

SEC Wants to Approve Bitcoin ETF

There are rumors that the SEC may approve the Bitcoin ETF in the next two weeks, October 18, 2021.

For now, it is reported that a total of 13 high -profile firms have submitted Bitcoin ETF applications to the SEC.

However, it is uncertain to what extent this rumor is valid as the SEC has decided to approve four Bitcoin ETFs by the end of 2021.

Global X, Valkyrie, WisdomTree, and Kryptoin are expected to get approval on November 21, 8, 11, and December 24.