Bitcoin Holds, Ethereum Rises as Biden Names Cryptocurrency Expert Gary Gensler to Lead Financial Policy Transition Team


Bitcoin kept its earnings above the psychological mark of $ 15,000, up 0.6% at press time early Wednesday, as a former public official considered to be a cryptocurrency expert was named to lead the transition team. financial policy for president-elect Joe Biden.

What happened: Former Commodity Futures Trading Commission Chairman Gary Gensler has been appointed to lead the financial policy transition team for President-elect Joe Biden, CoinDesk reported Tuesday.
Gensler has studied cryptocurrency closely and previously testified before Congress, advocating the confrontation between cryptocurrencies and Ponzi schemes.

Meanwhile, the deposit agreement for Ethereum 2.0 has reached over 50,000 ETH or 10% of what is needed to usher in the new update, according to CoinDesk.

The cryptocurrency created by Vitalik Buterin is moving from proof-of-work to a model that supports proof-of-stake.

To become a validator on the new network, an Ethereum user must wager a minimum of 32 ETH. Once the new network is up and running, validators will start earning bulk rewards at an annual rate of 8-15%, CoinDesk reported.

Ethereum (ETH) was trading up 3.73% to $ 460.68 at press time, Chainlink (LINK) was trading 3.55% to $ 13.13, and XRP was trading up by the 1.62% to $ 0.255.

Bitcoin Cash (BCH) and Monero (XMR) were outliers on the upward movement of the altcoins down 2.18% and 0.93% to $ 257.45 and $ 115.83 respectively.

Because matter: Analysts pointed to institutional interest in the cryptocurrency space and the bullish movement of these assets in general, CoinDesk reported separately.

Bitcoin returned returns of 114.94% and Ethereum was up 254.26% year on year.

“Various institutions are committing to new products and research and development and are offering a new group of investors more comfort as space is maturing,” Brian Mosoff, CEO of Ether Capital, told CoinDesk.

“BTC is digesting recent confusing macro and political events and consolidating before its next move,” said Jean-Marc Bonnefous, managing partner of Tellurian Capital, according to CoinDesk.

Bonnefous noted the rotation from BTC to decentralized finance (DeFi), which he said was in “full swing” and was “typical of traders redistributing capital into higher-yielding assets.”

Price action: Bitcoin was trading 0.59% higher at $ 15,389.19 at press time.

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