The bitcoin price has been rising steadily for the past two weeks and today it crossed the $57,000 mark. However, late in the evening in Asia, the price is weakening a bit and is currently at $56,426.49.
Analysts say that the factors that caused the bitcoin price to rise were partly due to the statement of the U.S. Federal Reserve (Fed) expressing its attitude towards cryptocurrencies, which has no intention to ban bitcoin trading in the U.S.
The recent upswing of cryptocurrencies was mainly driven by the following events:
- NFT’s trading volume reached $107 billion in the last quarter.
- U.S. Bank offers a bitcoin custody service.
- AMC Entertainment accepts payments with Dogecoin.
- U.S. senators invest hundreds of thousands of dollars in Bitcoin.
- President Joe Biden’s administration should issue executive orders to monitor cryptocurrencies in particular.
JPMorgan Chase & Co, the largest bank in the United States had this to say about cryptocurrencies during an online conference with the Institute of International Finance, “No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax.”