Bitcoin’s price surged past $100,000 on Wednesday, driven by better-than-expected inflation data and positive regulatory news. The leading cryptocurrency had recently slid under $90,000 for the first time since November but rebounded as stocks rose and investors sought riskier assets.
The Consumer Price Index (CPI) data showed the Federal Reserve may lower interest rates in the future, easing fears of an extended pause or higher rates. This news lifted stocks and investor sentiment, sending them searching for returns in riskier assets like bitcoin.
New leadership at the Securities and Exchange Commission (SEC) plans to overhaul the agency’s crypto policies as soon as next week, according to Reuters. The SEC could provide clearer guidance on when a cryptocurrency is considered a security, potentially easing tensions for crypto exchanges like Coinbase.
Outgoing SEC Chair Gary Gensler expressed support for applying current laws and regulations to the crypto industry in an interview with Yahoo! Finance. He suggested that the issue lies not with the law itself but with crypto exchanges’ reluctance to comply with existing rules.
Source: https://www.investopedia.com/bitcoin-price-tops-usd100-000-again-cpi-news-regulatory-optimism-8775273