Bitcoin is on the rise again, and this time it’s thanks to the prospect of a friendlier regulatory environment in the U.S. As traders speculate about Donald Trump’s potential second term in the 2024 presidential race, the cryptocurrency market is buzzing with optimism.
Reports indicate that the Securities and Exchange Commission (SEC) is close to approving exchange-traded funds (ETFs) that directly track Ether, the world’s second-largest token. This news has sent Bitcoin soaring 2.3% in the past 24 hours, reaching a price of $64,073.6. The token has largely recovered from its recent slump, which saw it dip as low as $54,000 earlier in July.
The failed assassination attempt on Trump over the weekend has boosted his popularity, giving him an edge over President Joe Biden in the presidential race. Trump, who has consistently shown support for the crypto industry, recently stated that the future of Bitcoin should be built in the U.S. rather than overseas. He is set to speak at the Bitcoin Conference in Nashville later this month, further solidifying his stance on the industry.
A second term for Trump is expected to bring a more favorable regulatory outlook for crypto in the U.S., a welcome change after a series of crackdowns by the SEC and the Department of Justice in recent years. The SEC still has ongoing cases against XRP issuer Ripple and crypto exchange Coinbase, both of which face allegations of distributing unregistered securities.
Beyond Bitcoin, altcoins are also on the rise, tracking the gains in the leading cryptocurrency. Ether has seen a 2.6% increase to $3,420.75, buoyed by the prospect of spot ETFs. The launch of these ETFs could attract a similar influx of institutional investors as seen with Bitcoin earlier this year, which led to record highs. Other altcoins like XRP and SOL have also seen significant gains, up 3% and 2.4%, respectively, while ADA has traded sideways.