Bitcoin price climbed up above $50,000 for first time in over three months despite many regulators are watching it

By Selena On Aug 23, 2021

In an interview with Fox Business, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said that cryptocurrencies need to be regulated. This market will not reach its full potential if it tries to stay outside of theirs laws. It is unknown how much of Gensler’s claim is positive and the maximum potential he is referring to. Because Bitcoin price has climbed up above $50,000 for the first time in over three months, right at a time when many regulators are watching the market.

Bitcoin price breaks above $50,000 for the first time in 100 days despite siege regulations

Gensler was emphasizing that the SEC is focusing on investor protection. “We are neutral about technology, bitcoin, and the other crypto tokens.” However, any platforms offering securities must be registered with the SEC. He noted that any of the so-called DeFi platforms have a lot of centralization, and they need to be registered with the SEC.

“This cryptocurrency field is not going to reach any of its potentials if it tries to stay outside of our laws,” Gensler said.

But, despite being watched by many big players, BTC still excellently surpassed $50,000. The last time bitcoin’s price hovered above $50,000 was around mid-May. Since plunging to the $29,000 range in late June, its price has recovered more than 72%.

BTC/USD 4-hour chart | Source: TradingView

As AZCoin News reported, the Bitcoin Fear & Greed Index flipped from “Extreme Fear” to “Extreme Greed” in less than a month. And hope you always remember the famous quote of billionaire Warren Buffet “Fearful when others are greedy, and greedy when others are fearful”. Bitcoin’s market overall market capitalization is once again inching towards the $1 trillion thresholds, sitting at $945 billion, according to CoinMarketCap.

Meanwhile, Ether’s price has also jumped above $3,330, the highest point since mid-May.

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