Bitcoin Surges Past $85,000 Amid Regulatory Developments
Bitcoin has reached an 8-month high after trading above $85,000. The cryptocurrency's surge is attributed to regulatory developments that are providing a boost to the crypto market.
The recent price increase followed a Senate vote last week that was disappointing for some in the industry. However, both the Securities and Exchange Commission and the Commodity Futures Trading Commission have stepped in with agency-level exemptions and rules proposals, which could fill the gap for an industry seeking wins in Washington.
Bitcoin's rally has been resilient even after the Federal Reserve hiked its benchmark interest rate last week. The cryptocurrency has outperformed over the last five trading sessions, rising more than 8% compared to the S&P 500's 1% gain.