Key Points
- Bitcoin’s price rose above $94,000, following a dip to $91,000 on January 9.
- New leadership for the Financial Services Committee announcement brought optimism to the markets.
The new Trump administration is set to debut on January 20, and the crypto markets are showing optimism as the countdown to new crypto-friendly policies begins.
Today, Bitcoin’s price recovered following yesterday’s dip to $91,000 levels, as the crypto market rose by 1.7%, surpassing $3.3 trillion.
BTC Price Rises Above $94,000
At the moment of writing this article, BTC is trading above $94,000, up by almost 2% today. On January 9, the coin’s price dropped to $91,000, ahead of today’s recovery.
The last week saw intense volatility that took BTC from $102,000 to $91,000 due to various factors including panic sell-offs, outflows from BTC ETFs, and a tense global scenery due to various fears.
However, the crypto markets maintain optimism, as we’re nearing the debut of a new administration in the US that will bring crypto-friendly policies and increased support for the industry.
A Regulatory Crypto Framework to Protect Investors and Consumers
Yesterday, the US House Financial Service Committee declared they will create a regulatory framework for digital assets that will protect investors and consumers while maintaining innovation in the US.
Recent reports revealed that Rep. Bryan Steil who had previously criticized regulators’ approach to crypto has been picked to lead the US House Financial Service Committee’s digital asset panel.
The Wisconsin Republican will lead the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, according to an official statement.
Chairman French Hill announced the new leadership within the committee, saying they would prioritize writing rules for crypto.
He pledged to protect investors and consumers, while keeping innovation in the US and ensure that agencies are focused on their core statutory directed missions and not political agendas that have been seen in the previous administration.
Despite the latest market volatility, the future for Bitcoin and the crypto industry looks bright in the US and globally amidst increasing adoption and continued efforts to build in the ecosystem.
