Why is the Bitcoin (BTC) Price Up Today
TL;DR
- Bitcoin crosses $30,000, and the overall crypto market cap reaches $1.17 trillion with significant gains in major coins.
- Ripple’s SEC victory positively impacts the broader cryptocurrency market.
- Prominent figures note a potentially milder SEC stance on cryptocurrencies, hinting at future BTC ETF approvals.
- Here are some of the more interesting BTC price predictions you should know about:
Overall Crypto Revival
Bitcoin has recently crossed the coveted level of $30,000 for the first time since the beginning of August. One important factor leading to that rally could be the reigning enthusiasm in the cryptocurrency space and the overall uptrend of the market.
Many other digital assets, including Ether (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), and others, are well in the green, contributing to the rise of the global market capitalization to $1.17 trillion (per CoinGecko’s data).
Ripple’s Third Win Against the SEC
Another element that might play a role in Bitcoin’s recent price expansion could be the latest court victory that Ripple secured against the US Securities and Exchange Commission (SEC).
Earlier this week, the firm’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the regulator. Apart from triggering an XRP price increase, the development prompted a green wave in the entire digital asset market.
It is worth mentioning that Ripple’s first court win against the SEC, which occurred in mid-July, had a similar effect on the industry. Back then, XRP skyrocketed by 70% and exceeded $0.85, whereas BTC spiked above $31K.
The SEC has Softened its Tone
The SEC’s latest actions (or inactions) could also be seen as contributing to BTC’s recent gains. Some prominent figures, including Cathie Wood (CEO of Ark Invest) and John Deaton (a US attorney), assumed that the regulator might have changed its hostile attitude towards the cryptocurrency sector.
The former suggested that the agency is warming up to the idea of approving a spot BTC ETF in the States, raising hopes that such a financial product will finally see the light of day in the country.
For his part, Deaton (who represents thousands of XRP investors in the lawsuit against the SEC) noted that the regulator’s Chairman Gary Gensler did not criticize the digital asset industry after the fake news, which indicated that BlackRock’s BTC ETF application had been approved.
He reminded that this was not the case in the past when the Commission’s top figure used every possible opportunity to launch a bashing manifest against the sector.
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