Favorable Remarks from Jerome Powell, US Fed Chair, and Gary Gensler, SEC Chair, Act as Positive Catalyst
[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency is catching its breath at the 58 million KRW level. As U.S. financial authorities continue to send positive signals regarding cryptocurrencies, the crypto industry is closely watching whether it will surpass the 60 million KRW mark.
According to the domestic cryptocurrency exchange Upbit, as of 9:28 PM on the 4th, Bitcoin recorded 58 million KRW, down 0.97% from the previous day. On the 1st alone, it rose 9.01%, settling at the 58 million KRW level.
Attention is focused on whether the cryptocurrency market will enter a bullish phase again amid favorable winds from the U.S. According to cryptocurrency media CoinDesk on the 29th of last month (local time), Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stated at a conference hosted by the U.S. economic media Financial Times, “Bitcoin ETFs are futures contracts, not investments in Bitcoin itself,” and added, “I expect the SEC’s relevant department to review the documents.”
Gensler, who taught blockchain at the Massachusetts Institute of Technology, has been known as a cryptocurrency advocate even before his appointment. The crypto industry expected the launch of a Bitcoin ETF with Gensler’s appointment, but the SEC rejected approval citing cryptocurrency volatility and security concerns. However, with Gensler expressing a favorable stance on Bitcoin ETFs, expectations are rising within the industry. Experts predict that the decision on whether to launch a cryptocurrency ETF will be made within the fourth quarter.
Jerome Powell, chairman of the U.S. Federal Reserve (Fed), also contributed to the upward trend. On the 30th of last month, Powell stated at a House Financial Services Committee hearing, “We have no intention of banning cryptocurrencies like China.” However, he added that stablecoins, which are pegged to fiat currencies, require regulation.
As a result, market focus is on whether Bitcoin can surpass the 60 million KRW level again. Since the 7th of last month, Bitcoin has not exceeded 60 million KRW. On the 3rd, Bitcoin reached 59.39 million KRW, coming close to the 60 million KRW mark.
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