Bitcoin prices have gained as much as 3% following the statement from the head of the US Securities and Exchange Commission (SEC). Earlier the Bitcoin prices dropped below $40,000 it had crossed last week.
After trading around the $38,000 mark, Bitcoin prices saw a jump during the day. At press time, BTC is exchanging ownership for around $39,000. The upward trend follows the positive statement from the US SEC chair, Gary Gensler.
Gensler in an interview with a popular mainstream media outlet said he has no doubt about the potential of Bitcoin. “This innovation — Satoshi Nakamoto’s innovation — if it is going to meet its potential, needs to come within public policy frameworks,” he said. Talking about cryptocurrencies he specifically endorsed Bitcoin as an innovation.
Gensler himself worked as a lecturer at the Massachusetts Institute Of Technology and has been teaching blockchain and cryptocurrencies. His remarks as SEC chair about Bitcoin is giving investors more confidence and that’s evident from the upward push after his media appearance.
Experts have been bullish on Bitcoin and as the downward trend saturated at $38,000 for coin BTC, analysts are speculating a higher low. Bitcoin could soon cross the $40,000 mark, and it is very much possible that it happens before the weekend.