Bitcoin's price movement today can be attributed to a combination of regulatory optimism and strategic financial developments. BlackRock's ETF chief, Samara Cohen, expressed confidence that the incoming Trump administration will drive cryptocurrency deregulation, potentially leading to another historic year for Bitcoin. Cohen highlighted the anticipated progress on the "Financial Innovation and Technology for the 21st Century Act" and stablecoin regulations as key factors that could propel Bitcoin's growth. This sentiment is bolstered by BlackRock's recent launch of its iShares Bitcoin ETF on CBOE Canada, signaling increased institutional interest in the cryptocurrency market.
Additionally, Coinbase's introduction of Bitcoin-backed loans through a decentralized finance protocol has added to the positive sentiment. This new service allows users to borrow USD Coin (USDC) by using Bitcoin as collateral, providing a flexible financial tool without the need to sell Bitcoin. The move is seen as a bridge between traditional finance and decentralized tools, enhancing accessibility for users and potentially increasing Bitcoin's utility and demand.
Bitcoin's price has risen by 1.36% today, reaching $101,343.46, with a high of $101,998.39 and a low of $99,981.27.