Bitcoin's price movement today is largely influenced by the U.S. Securities and Exchange Commission's (SEC) decision to scale back its crypto enforcement unit. This move, seen as a shift towards a more crypto-friendly regulatory environment, has been welcomed by the market. The SEC's acting chair, Mark Uyeda, has been instrumental in this change, aiming to foster innovation in the digital asset space. This regulatory easing is perceived as a positive development for Bitcoin, as it reduces the immediate threat of stringent enforcement actions that have previously weighed on the market.
Additionally, El Salvador's continued accumulation of Bitcoin has also contributed to the positive sentiment. The country added 20 BTC to its reserves in the past week, signaling strong institutional interest and confidence in Bitcoin's long-term value. This accumulation comes amid a backdrop of market volatility, with Bitcoin struggling to maintain levels above $100,000. El Salvador's aggressive buying strategy reflects a broader trend of nations and institutions looking to bolster their Bitcoin holdings.
Bitcoin's price has seen a modest increase of 0.43% today, reaching $98,229.91. The cryptocurrency traded between a low of $97,251.81 and a high of $98,828.83.