Bitcoin Hits Record-High of £88.3K as SEC Unveils Task Force to Overhaul Crypto Regulatory Framework

Bitcoin (BTC) prices reached an all-time high of £88,369 ($109,134) on 20th January after the US Securities and Exchange Commission, led by the newly appointed acting Chair, Mark Uyeda, unveiled a crypto task force to develop a new regulatory framework for the industry.

The major decision was among the scores of policy changes enacted on the first day under the new Trump Administration. The billionaire Republican pledged to be a "crypto president" and undo the litigations and crackdown on top crypto companies that persisted under former President Joe Biden.

Mark Uyeda Leading SEC's Crypto Regulatory Overhaul

The SEC task force will create a rulebook for digital assets as Trump's team promotes the industry's interests. Pro-crypto Uyeda has long advocated changing the SEC's stance on cryptocurrencies.

"The Commission's war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm. President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC's role is to carry out that mandate," Uyeda stated in November 2024.

Furthermore, the SEC is also expected to review pending crypto court cases and will likely freeze litigations that don't involve fraud. Uyeda is expected to draft rules on when a crypto token is classified as a security and offer clarity on enforcement—as early as this week. The task force will assist lawmakers in overhauling the regulation in collaboration with federal bodies like the Commodity Futures Trading Commission.

MicroStrategy Buys 11K Bitcoin Tokens

MicroStrategy purchased 11,000 BTC tokens worth £890.7 million ($1.1 billion) after shareholders voted for a 30 times increase to the number of authorised Class A common shares to facilitate the transaction. This is the business intelligence firm's 11th consecutive week of crypto purchases.

An SEC filing revealed that MicroStrategy purchased Bitcoin at a price of £81,941 ($101,191) per token between 13th and 20th January. The company now owns almost £38.78 billion ($47.9 billion) worth of Bitcoin.

Bitcoin Could Surpass £98,792 Next Month

10x Research firm's Markus Thielen recently said Bitcoin prices could surge 15% from current trading levels to surpass £98,792 ($122,000) by February before "entering another consolidation phase."

He highlighted that the BTC price chart breakout hints at a possible "low-risk, high-reward entry opportunity," adding that the token breaking past £85,836 ($106,000) is "significant" to signal the "continuation of the established pattern."

Meanwhile, Material Indicators co-founder Keith Alan also forecast Bitcoin prices to reach £98,792 ($122,000), stating that the crypto has "reclaimed the key moving averages."

Although Bitcoin prices corrected after reaching a record high, the BTC network shows strong activity as daily active addresses continue to increase. Furthermore, Bitcoin whales added over 22,000 BTC tokens worth £1.81 billion ($2.24 billion) to their wallets in the past three days. These trends imply a positive outlook and an upcoming token price appreciation.

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