TL;DR Breakdown
- Bitcoin price hits 41k
- The coin has seen loads of institutional investors in recent times
It appears that Bitcoin is going to be ending the week strongly as the price of the crypto asset has hit the $41k mark which is another record high for the coin.
Since the launch of the coin, the asset has never hit above $40k but it has now hit an all-time high of $41,499. This continues the bull run the coin has been on ever since the beginning of the year.
The flagship crypto asset has also seen its market capitalization increase exponentially with the rise of the asset. The crypto industry has also had its market capitalization grow into $1 trillion with some experts predicting that it would grow into $2 trillion in the next six months.
Bitcoin bull run is led by institutional investors
Bitcoin current bull run is being led by institutional investors who have invested in the crypto asset. Unlike the previous bull run of the coin in 2017 which was led by retail investors.
Microstrategy, Grayscale, PayPal, Square and a host of other have invested in the crypto asset. Grayscale and Microstrategy both hold over a billion dollars worth of the crypto asset.
PayPal’s integration of the crypto asset into its payment gateway system has also led to a wider adoption rate of the leading crypto asset.
US Authorities have stringent crypto regulations
The Financial Crimes Enforcement Network (FinCEN) new proposed regulation has been the center of attraction in recent while. According to the regulation, exchanges have to keep track of all transactions while also reporting some of these transactions to the authorities.
The new regulation has generated some tough remarks from the public who believes such regulation is a violation of financial privacy and could also be a constitutional infringement.
FinCEN had earlier given the deadline for the public comments to be on the 4th of January. However, that proposed date was shifted after some US Congress were forced to write the body citing the holidays and how the process feels rushed.
