It has been announced to make regulations for cryptocurrency in the US. This led to a boom in the Crypto market on Wednesday. The largest cryptocurrency Bitcoin’s price increased by about 1,05,380 in terms of market value. Donald Trump, who took over as the US President earlier this week, indicated to create a reserve of bitcoin and create a policy in favor of Crypto.

The price of the second largest cryptocurrency Ether was by about 0.08 percent to $ 3,311. Solana has increased by more than 6 percent. On publishing this report, Solana on International Crypto Exchange Binance Price Growing over 6.40 percent to about $ 258. Other Profit’s other cryptocurrency included XRP and BNB.

The US Securities and Exchange Commission (SEC) has stated that a task force has been formed with the objective of creating a regulatory framework for cryptocurrency. The previous US government had taken action against many firms associated with Crypto by alleging violation of rules. These firms included coinbase and kraken. However, these firms had misunderstood the allegations of violation of rules. During his election campaign, Trump indicated that Bitcoin’s reserve and a policy in favor of Crypto. However, the plan to create a reserve of bitcoin was denied by the Federal Reserve.

Funding has also increased in bitcoin spot ETF in the last few weeks. The share of institutional investors in this segment is also increasing. Software maker Microstrategy has bought a large number of bitcoin in the last few weeks. The company has purchased around 11,000 bitcoins for about $ 1.1 billion in the week ended January 19. This is a large number of bite of bitcoins in the 11th consecutive week of microstrate. The company has about 4,61,000 bitcoins. Russia’s companies are using this most popular cryptocurrency in business from abroad. The Russian government had allowed the use of cryptocurrency to change the law by changing the law and dealing with the restrictions of Western countries.