(VOR News) – While the United States Congress prepares to implement its first significant Bitcoin cryptocurrency regulation next week, institutional investors are monitoring the price of the cryptocurrency that is currently the most popular worldwide.
The United States Congress is currently in the process of preparing to adopt regulatory legislation during this time. Bitcoin achieved a new all-time high on Friday, trading at $118,000 (€100,000).
This was crucial for cryptocurrency.
On Thursday, the Nasdaq, the primary index for technology companies, achieved a new historical high amid a day of active trading on the financial markets in the United States. After the Nasdaq attained a new high, an event occurred.
Various factors contributed to the increase in interest in Bitcoin. The following were mentioned: a favorable and optimistic trading outlook for risk assets, as well as a desire to invest in technology companies like Nvidia, which recently experienced a significant valuation increase to $4 trillion. In addition, it is imperative to have an interest in investing in a cryptocurrency like Bitcoin.
It is also important to note that the record high for Bitcoin was achieved just a few days prior to the United States House of Representatives, one of the two chambers of Congress, declaring the week beginning July 14 as “Crypto Week.”
It is anticipated that cryptocurrencies will attain the peak of the market this week. It is expected that the legislative body will adopt several acts during this period, which could potentially contribute to the establishment of the regulatory framework for the industry in the United States.
Bitcoin’s value has risen almost 20% against the US dollar this year.
Bloomberg reports that investors have contributed over $1.2 billion (or €1 billion) to exchange-traded funds (ETFs) that invest in Bitcoin as of Thursday.
This led to Bitcoin’s price reaching a new high and continuing to increase until Friday, when it surpassed the one hundred sixty thousand dollar milestone.
Exchange-traded funds (ETFs) were the most prevalent method by which investors invested in Bitcoin. Investors can acquire exposure to cryptocurrencies without explicitly purchasing the cryptocurrencies themselves through exchange-traded funds (ETFs) that are based on cryptocurrencies.
Exchange-traded funds (ETFs) are derived from cryptocurrencies like bitcoin, which is why this is the case. Since their introduction to the market in the United States of America one year ago, exchange-traded funds (ETFs) that invest in bitcoin have experienced a substantial increase in prominence.
Furthermore, the asset that occupies the second-largest position in the cryptocurrency market experienced an increase in value as a direct consequence of the substantial public interest in Bitcoin. Ethereum’s price surged by nearly 6% during the Friday trading session, and it is currently trading at nearly $3,000 (two thousand six hundred euros).
In addition to broadening his offerings, the President of the United States of America is also expanding his offerings to encompass those that are pertinent to cryptocurrencies. In the past, President Trump harbored an unfavorable perspective on Bitcoin.
However, he has recently shown significant support for the cryptocurrency business.
Trump Media, which is under the control of Trump’s family, submitted the requisite paperwork to the Securities and Exchange Commission on Tuesday to obtain approval for the launch of the “Crypto Blue Chip ETF” later this year. With the authorization that has been granted, Trump Media will be able to commence the plan.
The establishment of a new exchange-traded fund aligns its structure with the values of five prominent cryptocurrencies.
The proposed exchange-traded fund would own seventy percent, fifteen percent, and eight percent of the assets, respectively, of Bitcoin, Ethereum, and Solana, a cryptocurrency that is popular among those who are interested in meme currencies.
To realize President Trump’s objective of establishing the United States as the global epicenter of cryptocurrencies, the administration has been attempting to establish laws and regulations that are supportive of cryptocurrencies. This aligns with the objectives that the president has established.
It has been reported that Trump has stated, “China would have it if we didn’t.” “It would be in China’s possession.” “China would have.”
SOURCE: EN
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