Hassan Maishera
TL;DR
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BTC briefly dropped to $100k on Wednesday but has now bounced back above $103k.
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The positive performance comes as President Trump signed a bill to reopen the U.S. government.
Trump Signs Bill to Reopen U.S. Government
The cryptocurrency market is having a temporary relief following a poor start to the week. Bitcoin, the leading cryptocurrency by market cap, retested the $100,353 support level on Wednesday but the bulls held the price firm.
This allowed it to now recover and is now trading above $103k, up by less than 1% in the last 24 hours. The positive performance comes as President Trump signed a bill to reopen the United States government, after a record-breaking 42 days of shutdown.
The government restart allows federal regulators to resume work on crypto and other financial regulations. The U.S. SEC currently has several crypto ETF proposals on its table and the government reopening would allow the agency to handle them faster.
A group of companies filing to list and trade shares of new exchange-traded funds began using a procedural workaround to launch projects without needing an approval from the SEC. However, the restart will speed the approval process of other public listings and similar products.
With Bitcoin reclaiming $103k, altcoins are also performing well. Ether is up by nearly 3% in the last 24 hours and is now approaching $3,600 again. Ripple’s XRP is the best performer among the top 10 cryptocurrencies by market cap ahead of a possible XRP ETF listing this week.
