Crypto Market in Profit, Bitcoin Price More than USD 1,05,300, Ether, Solana

It has been announced to make regulations for cryptocurrencies in America. Due to this, there was a rise in the crypto market on Wednesday. The price of Bitcoin, the largest cryptocurrency by market value, was up by almost one percent at more than $1,05,380. Earlier this week, Donald Trump, who took charge as the President of America, had hinted at creating a reserve of Bitcoin and making a policy in favor of crypto.

The price of Ether, the second largest cryptocurrency, was up by about 0.08 percent at $3,311. Solana has increased by more than 6 percent. Solana’s price on international crypto exchange Binance when this report was published price It was up more than 6.40 percent at around $258. Other cryptocurrencies with profits included XRP and BNB.

The US Securities and Exchange Commission (SEC) has said that a task force has been formed with the aim of preparing a regulatory framework for cryptocurrencies. The previous US government had taken action against many crypto-related firms by accusing them of violating rules. These firms included Coinbase and Kraken. However, these firms had denied the allegations of violation of rules. During his election campaign, Trump had hinted at creating a reserve of Bitcoin and a policy in favor of crypto. However, the Federal Reserve denied plans to create a reserve of Bitcoin.

Funding in Bitcoin Spot ETF has also increased in the last few weeks. The stake of institutional investors is also increasing in this segment. Software maker MicroStrategy has bought a large number of Bitcoins in the last few weeks. This company has purchased about 11,000 bitcoins for about $ 1.1 billion in the week ending January 19. This marks MicroStrategy’s 11th consecutive week of large purchases of Bitcoin. This company has approximately 4,61,000 bitcoins. This most popular cryptocurrency is being used by Russian companies in doing business from abroad. The Russian government had changed the law to allow the use of cryptocurrencies to deal with the restrictions of Western countries.