Bitcoin Inches Closer to USD 1,00,000, Price Touches New High

The crypto market is on a rise since Donald Trump’s victory in the US presidential election earlier this month. Bitcoin, the largest cryptocurrency in terms of market value, made a new high level on Friday. Legislation for crypto may be included in the agenda of the new Trump-led government in America early next year.

The price of Bitcoin has increased more than double this year. It has increased by about 45 percent since Trump’s victory. Bitcoin has made a new high of $99,380. It is on track for its best monthly performance since February. The crypto market also grew significantly after Bitcoin Exchange Traded Funds (ETF) were approved in the US earlier this year. Shane Oliver, chief economist and head of investment strategy at financial services firm AMP Sydney, said: “The longer this goes on it gets taken more seriously. That’s the reality of things. As an economist and investor I see the value in this. It seems very difficult to implement but in the present times it is gaining momentum.” The price of Bitcoin has increased by approximately 130 percent this year. A new government led by Trump will take charge in America early next year. The agenda of this government may also include making laws for crypto.

Recently, Jay Clayton, former chairman of the Securities and Exchange Commission (SEC) in the US, had said that the new government can make a law to control cryptocurrencies. He said that he is in favor of reducing the regulatory burden which will encourage listing of companies. Clayton said, “I believe that there will be legislation for crypto. If you can deal with some of the problems at the executive or administrative level then it becomes easier to legislate for crypto.”

Under the government of current President Joe Biden, regulators had demanded strict enforcement action against crypto-related firms. However, these regulators did not accept the industry’s demand for making regulations. Due to Trump’s victory in America and the arrival of crypto supporting candidates in Congress, the prices of many cryptocurrencies including Bitcoin have increased.

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