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QCP Report: SEC Forms Cryptocurrency Working Group, B
Bitcoin Stable After Trump's Inauguration
According to the latest market observation from QCP, the new leadership of the U.S. Securities and Exchange Commission (SEC) has formed a special cryptocurrency task force, which could mark a significant turning point in the regulation of digital assets. Led by SEC Commissioner Hester Peirce, who is known in the industry as "Crypto Mom," the task force is expected to promote the development of a comprehensive regulatory framework tailored for the crypto market.
Bitcoin Market Reaction
After the initial wave of disappointment following the inauguration of President Donald Trump, Bitcoin (BTC) has bounced back by 3.8%, stabilizing around the $105,000 level. However, QCP notes that the potential for increase remains limited, as the market remains cautious about Trump's promises of crypto-friendly policies, amid concerns that these policies may not meet expectations.
Meanwhile, the Bitcoin futures market continues to show bullish sentiment, with long positions significantly outnumbering short positions at a ratio of 20:1, indicating sustained investor optimism despite regulatory uncertainty.