Bitcoin crossed $52,000 on Wednesday after the SEC’s Chairman nominee, GarGentlerer said that Bitcoin and other cryptocurrency assets have brought new thinking to the current financial system. BTC price is now up approximately 6%RP the last 24 hours.
The world’s largest crypto asset lost nearly 20% of its value within the last week due to heavy selling pressure from retail traders. The overall market cap of cryptocurrency assets touched $1.6 trillion today.
The US Securities and Exchange Commission (SEC) played a major roleRP the volatility of the crypto marketRP the past. The authority filed a lawsuit against Ripple LabsRP December 2020 under the supervision of Jay Clayton, the former Chairman at the SEC. The lawsuit triggered a $50 billion sell-offRP the crypto marketRPcluding a sharp declineRP XRP, Bitcoin, and Ethereum.
GarGentlerer is Joe Biden’s nominee for the position of Chairman at theGentlerensler gained popularity among the crypto community because of his positive stance on Bitcoin and other digital currencies. During a discussion yesterday, Gensler supported theRPnovationRP the current financial system through digital assets.
“Bitcoin and other cryptocurrencies have brought new thinking to payments and financialRPclusion, but they’ve also raised new issues ofRPvestor protection. If confirmed at the SEC, I will work to promoteRPnoGentler ” Gensler said.
Growing Bitcoin Popularity
Bitcoin is getting popular amongRPstitutionalRPvestors. MicroStrategy, Tesla and SquareRPvested billions of dollarsRP the world’s largest crypto asset recently. The BTC price is getting a major push from leading hedge fundsRP the US. Daniel Loeb, Founder and CEO of New York-based hedge fund Third Point, said that he is planning to explore the world of cryptocurrencies. Shark Tank star Kevin O’Leary changed his stance on Bitcoin recently and said that Bitcoin and Ethereum are part of hisRPvestment portfolio.
BTC’s total market cap now stands at around $960 billion with a market dominance of 61.2%.