Regulatory Momentum Boosts Bitcoin Past $66,500

Bitcoin's price has broken above $66,500 for the first time since July, driven by three key catalysts. According to Matt Hougan, Chief Investment Officer at Bitwise, the developments include a major regulatory initiative in the United States, a reversal in institutional ETF flows, and an important technical breakout on the daily chart.

The U.S. Securities and Exchange Commission introduced the Regulation Crypto Assets proposal, which simplifies fundraising rules for crypto companies and provides a safe-harbor framework that removes assets from the category of investment contracts.

Hougan highlighted this regulatory step, noting that 'the SEC released Regulation Crypto Assets,' opening up legal tools for raising capital within the U.S. jurisdiction.

The U.S. Treasury also announced it would double the volume of its long-term government bond buybacks, introducing a form of indirect yield curve control and increasing liquidity in the financial system.