Cryptocurrency Faces Regulatory Spotlight Amid Trump's New Administration

The world's leading cryptocurrency, Bitcoin, nearly reached a previous record high as the U.S. Securities and Exchange Commission announced plans to overhaul digital asset regulations. Analysts speculate on potential volatility until clear policies are implemented by Trump's administration. Trump-linked crypto ventures raise conflict of interest concerns.

Bitcoin, the world's largest cryptocurrency, is nearing its past record high amidst turbulent trading sessions. This comes as the United States Securities and Exchange Commission (SEC) unveiled strategies to reform industry regulations.

The SEC's task force on digital assets, announced under Trump's new administration, marks a significant step towards comprehensive crypto policy restructuring. Bitcoin's price climbed 3.8% while Ethereum rose by 1.4%, though some industry insiders caution of ongoing market volatility until policies become concrete.

Amidst criticism of potential conflicts of interest, Trump continues promoting crypto ventures, with new projects and executive orders anticipated to foster Bitcoin adoption. Analysts remain watchful, awaiting clearer regulatory directives in the fast-evolving digital asset landscape.

(With inputs from agencies.)