The U.S is one of the most important crypto markets globally, and events there tend to have an impact on the entire market. That’s why regulatory clarity in the U.S is one of the things that cryptocurrency investors have been yearning for over the years.
The good news is that even those in positions of authority are bullish on cryptocurrency if the proper regulatory mechanisms come into place. For instance, in a recent fireside chat at the New York University, Rostin Behnam, the Chairman of the Commodity Futures Trading Commission, said that if the proper regulations come in place, the price of Bitcoin could easily double.
While the regulatory framework around crypto is still not yet clear, they have been getting better. For instance, the SEC has made transparent cryptocurrencies that qualify as securities and those that fall under the commodities category.
Under this improving environment, the statement by the CFTC Chairman is likely to create excitement around cryptocurrencies going into October. Bitcoin is already in the green and seems set to start October above the $20k mark.
If Bitcoin sustains its current momentum, among the cryptocurrencies to watch would be Ethereum competitors. That’s because while the Ethereum merge was a considerable success, fees remain high, contrary to the expectations of many. This has given a new lease of life to Ethereum competitors, most of which run on Proof-of-Stake, just like Ethereum today.
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