Regulatory Momentum Drives Bitcoin Back Above $86,000
Bitcoin’s price twice breached $86,000 on Tuesday as it appeared to build on momentum sparked by a key announcement from the Commodity Futures Trading Commission concerning cryptocurrency regulation. The CFTC’s move comes days after the Securities and Exchange Commission announced a proposal enabling advisers and regulated funds to custody crypto assets.
According to the daily price chart, bitcoin’s recovery to $86,000 began moments after a sell-off before midday Monday wiped out $1,000 from the cryptocurrency, briefly dragging the price below $85,000. From that moment, bitcoin’s price began the first of two rallying waves that pushed it to a session peak of $86,046.
