The price of the leading cryptocurrency climbed 7 percent to trade above $50,000 today. At the time of writing, BTC is changing hands at just above $51,500.Earlier this week, BTC prices dipped 2.9% after Gary Gensler, nominee for chairman of the US Securities and Exchange Commission, said that making sure crypto markets are free of fraud and manipulation is a challenge for the agency. However, Gensler is seen as a strong advocate for digital assets.
Bitcoin reclaims $50,000 as it hits one week-high.
Bitcoin is nearly 6% up in the last seven days as it reclaimed the $50,000 mark after a week. The leading cryptocurrency’s current market capitalization is just above $962 billion, with over $56 billion in trading volume in the last 24 hours. The recent winning rally of bitcoin is mostly due to the increased demand for bitcoin from major institutions. As reported earlier, Tesla purchased worth $1.5 billion worth bitcoin in mid-January, and it is being speculated that the company has already made off with a billion in profits.
US SEC nominee is supportive of digital assets.
The US SEC Chairman nominee Gary Gensler recently responded to questions about blockchain and crypto in a positive way. Speaking at the nomination hearing, Gensler sounded very much positive about Bitcoin and crypto innovation in general. Speaking before the Senate Banking Committee, Gensler called Bitcoin “a catalyst for change.” However, regulators in many countries are not taking the same approach and are seeking more strict regulations for the crypto industry. SEC chair nominee further added that he believes financial technology could be a powerful force for good, but only if we continue to harness the SEC’s core values in service of investors, issuers, and the public.