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.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.