In an indomitable market rally, the Bitcoin (BTC) price has shot another 6% today hitting its new all-time high of $64,450 levels. With this, Bitcoin’s market cap touched $1.2 trillion thereby making it even bigger than Britain’s Sterling Pound (GBP).
At $64,000, #Bitcoin becomes the 6th largest currency in the world and overtakes the British pound sterling in size.
— Documenting Bitcoin 📄 (@DocumentingBTC) April 13, 2021
This makes Bitcoin the sixth largest currency in the world as per its valuations. It has been a phenomenal price surge for Bitcoin (BTC) and the overall crypto market this year. Just a few days back, Bitcoin toppled the Australian Dollar (AUD) as it surged to record highs.
While consolidating around $59K for a long time, Bitcoin has given a strong breakout northward. Over the last week, the BTC price has surged 11.82% pushing it to record new levels. As CoinGape reported, the BTC price rally comes amid increasing whales, strong HODLer data, and some other on-chain metrics.
Bitcoin (BTC) Target $100K And Above
As per the recent update from PlanB, Bitcoin (BTC) is following his stock-to-flow model like clockwork. Since long PlanB has given a prediction that Bitcoin will likely smash past the $100K levels in a very short period of time by September 2021.
— PlanB (@100trillionUSD) April 13, 2021
The Bitcoin technical chart has also formed a bullish pattern and we expect an immediate price target of $70,000 in the near term.
Bitcoin (BTC) Regulatory Developments
There’s a recent buzz surrounding the regulatory control over Bitcoin. Reports suggest that Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen have been evaluating the use of Bitcoin for illicit activities. However, speaking at the CNBC Squawk Box about Bitcoin (BTC), the Republican leader Kevin McCarthy said:
“This is something that those who regulate, those who are in government that make policy better start understanding what it means for the future.”
Recently, SEC commissioner Hester Pierce said that it would be “foolish” of the government to ban or take an over-the-board action on Bitcoin (BTC). The SEC Commissioner, also popular as the “Crypto Mom” said:
“I think we were past that point [of banning Bitcoin in the US] very early on because you’d have to shut down the internet. I don’t see how you could ban it. You could certainly make the effort. It would be very hard to stop people from doing it [trading Bitcoin]. So I think it would be a foolish thing for the government to try to do that.”
In a much latest update, Hester Pierce has shared Safe Harbour 2.0 rules for the crypto community.
Safe harbor 2.0 is up. Thanks for all the comments on version 1. Looking forward to your feedback on this version: https://t.co/aRYPKAjutQ
— Hester Peirce (@HesterPeirce) April 13, 2021