Bitcoin Price Today: Holding Below $96k During Thanksgiving Holiday
Bitcoin is making headlines again as it hovers just below the $100,000 mark. After a surge in popularity following the presidential election on November 5th, many are speculating that the incoming Trump administration will be pro-crypto, driving the price up by 2.2% to $95,493.0 by 07:00 ET (12:00 GMT).
In recent news, the Trump administration intends to shift regulatory oversight of cryptocurrencies from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). This move, as reported by Fox News, is seen as a positive development for the industry, as the CFTC is known for having less strict regulations compared to the SEC.
Furthermore, a potential shift in leadership at the SEC is on the horizon, with veteran financial regulator Paul Atkins being considered as a replacement for Chair Gary Gensler. Atkins, known for his support of digital assets, is expected to bring a more crypto-friendly approach to the role. This news comes as part of a broader trend of pro-crypto candidates being selected for key positions within the government.
Despite the positive sentiment surrounding cryptocurrency regulation, some analysts have expressed caution regarding Trump’s plan for a Bitcoin strategic reserve. According to Compass Point, the Treasury is unlikely to approve additional funding for such a reserve, and Congress may not be willing to increase the fiscal deficit for this purpose. Additionally, the proposed BITCOIN Act by Senator Cynthia Lummis is deemed to be a “nonstarter.”
In the world of altcoins, prices were mixed on Thursday, with Ether rising by 4.8% to $3,631.56. Solana saw a 0.7% increase, Cardano dipped by 0.8%, Polygon was up by 0.6%, and Dogecoin, one of the meme tokens, rose by 3%.
It’s clear that the crypto market is experiencing some interesting developments, with regulatory changes and market fluctuations keeping investors on their toes. Stay tuned for more updates as the industry continues to evolve.
