Is the crypto world welcoming good news again? A crypto world figure has emerged as a leading candidate for the CFTC chairman.

Source: CBNData

The leaders of the two major regulatory agencies on Wall Street may both be friendly to the currency circle!

During the Asian trading session on Thursday, Bitcoin traded around $100,000, thanks to further signs that advocates in the cryptocurrency space will help shape US financial regulations under elected President Trump.

The latest development is that Brian Quintenz has emerged as a leading candidate to head the Commodity Futures Trading Commission (CFTC). Quintenz is the policy director of a16z Crypto, the digital asset division of venture capital giant Andreessen Horowitz, and a former Republican CFTC commissioner.

On Thursday in the Asian session, the price of Bitcoin is running around $101,000.

Trump pushes to cancel Biden administration’s crackdown on cryptocurrency, instead supporting looser regulation, helping Bitcoin reach a historic high of $103,800 on December 5th. Since then, the price of cryptocurrency has been fluctuating around the six-figure level.

The enhanced expectations of a Fed rate cut also helped boost investor sentiment on Wednesday. After the U.S. CPI inflation met expectations, speculators increased their bets on a Fed rate cut, driving the prospect of loose monetary policy and pushing the tech-heavy Nasdaq 100 index to a historic high.

Henry Elder, head of UTXO Management, said, ‘The market likes to see inflation in line with expectations,’ and added that traders are ‘trying to figure out if $100,000 is the upper or lower limit for Bitcoin’.

In addition to supporting regulations, Trump also supports the idea of establishing a strategic national reserve of Bitcoin, despite many people questioning the feasibility of the latter, the elected president’s son, Donald Trump Jr., said that his father “will be an incredible ally to this industry”.

Trump was once a skeptic of digital assets, but changed his stance after the industry heavily promoted its benefits during the US election. This Republican now has his own cryptocurrency project in the crypto sphere, a controversial field with a history full of volatility, fraud, and criminal activities.

Since Trump won the US election on November 5th, the cryptocurrency leader Bitcoin has risen by about 50%, thanks to the inflow of approximately $11 billion into US spot Bitcoin exchange-traded funds (ETFs) during this period. The equivalent product of Ethereum (the second-largest digital asset) has attracted $2.4 billion.

Source: Sina

Author: Market Information