Bitcoin Breaks Resistance Line, Reenters $50,000‥US SEC "No Plans to Ban"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), declared that there are no plans to ban cryptocurrencies. While global stock markets have turned downward, Bitcoin has surpassed $50,000, signaling the start of a bull market.

On the 5th (local time), Gensler appeared before the U.S. House of Representatives and was asked, "Does the SEC plan to ban cryptocurrencies like China?" He responded, "No. (Cryptocurrency regulation) depends on Congress."

Gensler’s remarks coincide with Federal Reserve Chairman Jerome Powell’s statement last week that there is no central bank-level plan to ban cryptocurrencies, easing concerns about stricter U.S. cryptocurrency regulations.

On the same day, Bitcoin price broke through resistance by surpassing $50,000. According to CoinMarketCap, Bitcoin is trading at $51,246, up 4.4% compared to 24 hours ago.

Ethereum rose 3.25% to $3,504, and Dogecoin also increased 3.8% to $0.2524.

Jason Dean, an analyst at Quantum Economics, said, "It is uncertain whether $50,000 will serve as a support level for Bitcoin in the short term, but it is clear that market sentiment has turned optimistic."

Cryptocurrency specialized media CoinDesk predicted that Bitcoin has the potential to rise to the $60,000 level.

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