• The price of Bitcoin has gone up 11% in the past seven days, with a trading volume of $40 billion entering the market.
• The SEC’s regulatory policies have been brought to light by Bloomberg Opinion Columnist Matt Levine, as he discusses the possibility of regulatory investment advisors having an indirect role in governing cryptocurrencies.
• A new type of digital asset called Ordinal Inscriptions was launched in January 2023 and has seen a surge in demand since then.
Bitcoin Price Surge
Bitcoin’s price has been on the rise, with a trading volume of $40 billion entering the market. The BTC/USD pair has declined less than 1% within the past 24 hours, currently trading at $24,372.00. Despite this recent dip, its value has seen a notable increase of over 11% within the last seven days. This surge has brought renewed attention to the world’s most well-known cryptocurrency, and investors are eagerly looking for the next key levels to watch.
SEC Regulatory Policies
Chinese journalist Colin Wu shared an article on his official Twitter account on February 19 from Bloomberg Opinion Columnist Matt Levine which sheds light on the Securities and Exchange Commission’s (SEC) regulations regarding cryptocurrencies. Wu drew attention to Levine’s perspective on the SEC’s ability to identify tokens as securities, thus highlighting their authority in creating and controlling regulatory frameworks for the cryptocurrency industry. Additionally, Levine discussed that investment funds may fall under SEC purview which could lead to increased investor confidence in crypto markets.
Ordinal Inscriptions
A new type of digital asset called Ordinal Inscriptions were launched at the end of January 2023 and have seen significant demand since then. These inscriptions are printed on satoshis –the smallest unit of value in Bitcoin currency– making them similar to non-fungible tokens (NFTs). As of February 19th there were over 150,000 inscriptions circulating throughout crypto markets which indicates that these assets may be gaining traction amongst traders and investors alike due to their unique use case for Bitcoin blockchain technology.
Impact On Crypto Markets
The combination of SEC regulation assurances combined with rising demand for Ordinal inscriptions appears to have re-energized crypto markets leading to increases BTC/USD prices overall despite recent dips in value within 24 hour periods. Investors appear optimistic moving forward as they look towards key levels that will indicate further upside or downside potentials for prices ahead as more institutional money enters this volatile asset class..
Conclusion
Cryptocurrencies remain highly volatile investments but recent developments suggest that institutional money is beginning to enter this space once again bringing renewed attention back onto crypto markets and driving prices higher due to increased confidence from investors seeking returns through digital assets like Bitcoin and other altcoins alike .