Baxia Markets
October 01, 2021

Bitcoin Breaks Through $43000, But Regulatory Pressure Mounts

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According to the Luxembourg-based Bitstamp market, the price of one bitcoin soared from $40,900 at 22:31 CET Wednesday to $43,865 at 06:04 CET Thursday. The pump had no clear fundamental driver, though several news outlets related it to comments made by Gary Gensler, the chairman of the United States Securities and Exchange Commission, who repeated his support for futures-based bitcoin exchange-traded funds yesterday.




Meanwhile, throughout the third quarter, Bitcoin was subjected to one of the most severe regulatory crackdowns in its brief history, suffocating attempts by traders to pull the digital currency out of its sharp spring selloff. The governments of the world's two most powerful countries have taken aim at bitcoin and the cryptocurrency sector. The Securities and Exchange Commission, for example, has pledged a crackdown on the industry in the United States. The Treasury Department is working on a report on stablecoins, which are digital currencies with constant dollar values, in response to concerns that they could pose difficulties in both crypto and traditional markets.


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