The states argue that the SEC’s actions amount to “government overreach”. They believe the SEC is enforcing rules unfairly by suing companies instead of creating clear regulations.
Bitcoin’s impressive rally has been closely tied to the rising popularity of Bitcoin ETFs. These funds allow investors to gain exposure to Bitcoin without having to buy and store the cryptocurrency directly, making it easier for people to invest in Bitcoin.
Bitcoin’s rise in the asset rankings was made possible by a sharp price jump. Its value spiked to over $89,000 in a single day, which is a new all-time high for the coin.
Bitcoin’s price surge in 2024 has seen it increase by nearly 94%, thanks in part to interest in US Bitcoin exchange-traded funds (ETFs) and the recent decision by the US Federal Reserve to lower interest rates.
Despite Bitcoin’s rapid price growth, market analysts don’t believe the cryptocurrency is currently overvalued.
Bitcoin’s price jumped to $76,244 on 6 November, just as election results confirmed Trump’s victory. It has since settled around $74,000.
MicroStrategy has also introduced the “21/21 Plan”, which is an ambitious goal to raise $42 billion over the next three years, specifically to buy more Bitcoin.
The new development not only allows for instant deposits but also enables users to make fast withdrawals to their bank accounts if they have a Visa card.
Bitcoin’s technical indicators look promising, with its 50-day moving average recently crossing above its 200-day average, which is commonly seen as a positive signal for future growth.
The settlement with Bybit is part of a wider effort by FTX’s bankruptcy estate to recover funds and repay creditors.
