Since the beginning of the week, the first cryptocurrency has risen in price by almost 10%.
BTC kicked off the Christmas rally alongside US stock indices.
The cryptocurrency market also reacted positively to Senator Cynthia Lammis' initiative.
Bitcoin is gearing up to jump to $ 70,000, says Mike McGlone.
Bitcoin rallies for most of the week, responding positively to the strengthening of oil, stocks and other risky assets in the pre-Christmas days.
The Santa Claus Rally is a widespread phenomenon in the financial markets with an upward trend in the last days of the year. Over the past 92 years, the S&P 500 has completed a nine-day year-end gain 77% of the time.
On Thursday, Bloomberg announced Senator Cynthia Lammis' legislative initiative. She developed a large project for the comprehensive regulation of digital assets, which includes separate regulation of stablecoins, separation of digital currencies by class, measures to protect consumers, investors and, most importantly, a new regulator, writes cryptor. The CFTC and SEC are currently dealing with cryptocurrencies, but Lammis sees these agencies as the main obstacle to the development of innovation.
Galaxy Digital CEO Mike Novogratz said bitcoin volatility is declining and will continue to decline in the future. The first cryptocurrency is gaining resistance to sharp fluctuations in the exchange rate due to the arrival of a large number of institutional investors on the cryptocurrency market. According to Novogratz, bitcoin is becoming a full-fledged investment asset rather than a payment method.
Bloomberg's senior commodities strategist Mike McGlone said the bull market for bitcoin is not over yet and BTC could reach $ 70,000 in the near future, writes bits.media. Since the beginning of the year, the rate of the first cryptocurrency has grown by 64% and, according to McGlone, the growth of the cryptoasset market is still far from over.
McGlone takes a more conservative view of altcoins. In his opinion, only bitcoin, ether and stablecoins are important. All other tokens and coins, including highly speculative “meme coins” such as Dogecoin, will eventually leave the market.