Bitcoin, the world’s largest cryptocurrency by market value, surpassed the $107,000 mark in early trading on Wednesday, following the US Securities and Exchange Commission (SEC)’s announcement of plans to overhaul cryptocurrency regulations. At the time, Bitcoin was trading 4% higher at $105,585, having reached a daily peak of $107,180. Ethereum, the second-largest cryptocurrency, saw a 2.8% increase, rising to $3,322.
On Tuesday, the SEC’s new leadership revealed the formation of a task force aimed at developing a regulatory framework for digital assets, marking the first significant step by the Trump administration to address cryptocurrency policy.
Bitcoin had previously reached an all-time high of $109,071 on Monday, coinciding with President Trump’s inauguration, during which he had pledged to be a “crypto president.” However, the cryptocurrency retreated after Trump’s first executive orders did not include any mention of cryptocurrency.
Newly launched tokens such as OFFICIAL TRUMP and Melania Coin showed mixed performance, with OFFICIAL TRUMP soaring by 29% and Melania Coin rising by 2% in the past 24 hours, despite earlier declines of 42% and 70%, respectively.
Over the past 24 hours, Bitcoin’s market capitalization increased to $2.092 trillion, maintaining a dominance of 57.55%, according to CoinMarketCap.
Despite its transformative potential, Bitcoin continues to face criticism for its role in facilitating untraceable payments on the dark web and enabling money laundering and ransomware activities.
