Why is Bitcoin (BTC) price up today?

TL; DR

Bitcoin crosses $30,000, and the total crypto market cap is $1.17 trillion with major gains in major coins. Ripple's SEC victory has a positive impact on the broader cryptocurrency market. Celebs note SEC's soft stance on cryptocurrencies, citing future BTC ETF approvals Here are some of the most interesting BTC price predictions you should know

Total Crypto Revival

Bitcoin recently surpassed the required $30,000 level for the first time since early August. One important factor leading up to that rally could be the enthusiasm in the cryptocurrency space and the general improvement of the market.

Many other digital assets including Ether (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB) and others are in the green, contributing to the growth of global market capitalization. About $1.17 trillion (per CoinGecko data).

Ripple's third win over the SEC

Another factor playing a role in Bitcoin's recent price expansion could be Ripple's latest court victory against the US Securities and Exchange Commission (SEC).

Earlier this week, the company's CEO, Brad Garlinghouse, and its executive director, Chris Larsen, were there It has been cleared From all charges filed by the Controller. In addition to triggering XRP's price hike, the development has created a green wave across the entire digital asset market.

It is worth mentioning that Ripple's first court victory against the SEC, which occurred in mid-July, had a similar effect on the industry. Then, XRP The sky is broken It's up 70% and over $0.85, while BTC is up over $31K.

The SEC softened the tone

The SEC's recent actions (or actions) can also be seen as contributing to BTC's recent gains. Some prominent figures, including Cathy Wood (CEO of Ark Investments) and John Deaton (United States Attorney), speculated that the regulator might have changed its hostile attitude towards the cryptocurrency sector.

The former proposed that The agency is warming up to the idea of ​​approving a BTC ETF in the States, hoping that such a financial product will finally see the light of day in the country.

In turn, Deaton (who represents thousands of XRP investors in a lawsuit filed against the SEC) It is mentioned The regulator's chairman, Gary Gensler, has not criticized the digital asset industry after the fake news that BlackRock's BTC ETF application was approved.

He reminded that this was not the case when the senior officials of the commission used every opportunity to oppose the sector and start a declaration of destruction.