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Bitcoin crosses US$1 trillion mark: The crypto market is in full swing again after the break of the last two weeks. Earlier this morning, Bitcoin crossed the record high of $1 lakh and reached $1,03,900. Currently it is trading at $103258.40, up 7.47 percent.
One and a half times return in last one year
Crypto market has once again performed better than stock market, gold and commodity market in terms of returns. One and a half times returns have been issued in Bitcoin in the last one year. Bitcoin surged 169.71 percent to an all-time high of $103,900.47, compared to its yearly low of $38,521.89.
The reason behind the rise in cryptocurrency
– Positive impact of the appointment of Paul Atkins as the new Chairman of the SEC
– Putin announced no ban on Bitcoin or other virtual currencies
– Investors boost investments ahead of crypto supporter Donald Trump’s inauguration
– $32 billion invested in Bitcoin ETFs last year
New SEC Chairman Paul Atkins
Even before Donald Trump took oath as the President of America, positive changes have been seen towards the crypto market. Paul Atkins has been named the new chairman of the SEC. They can take positive decisions for crypto currencies. Earlier, Gary Gensler had created strict regulations on digital assets. Apart from this, the appointment of Donald Trump is favorable for cryptocurrency.
Impact of Putin’s decision
Russian President Vladimir Putin announced at an economic forum in Moscow that he will not impose any restrictions on Bitcoin and other virtual currencies. This announcement by Putin, one of the top leaders of the world, has brought a rise in Bitcoin. On the other hand, investments in US-traded Bitcoin ETFs have increased manifold this year. Investments worth $32 billion have been recorded in the last one year. With this, the market cap of crypto currency has reached 3.68 trillion dollars.