Bitcoin, along with other prominent cryptocurrencies, has been experiencing a significant rally following the U.S. Securities and Exchange Commission's (SEC) decision not to appeal against Grayscale Investments in the D.C. Circuit court on Monday last week. The decision, which has sparked hopes for a Bitcoin ETF approval, saw Bitcoin's price surpass $28,000 and trade at over $28,500 on Thursday.
In tandem with the market rally, lawmakers are introducing stringent anti-money laundering measures for cryptocurrencies. This move comes in response to a surprise attack on Israel and a Wall Street Journal report revealing that militant groups Hamas and Palestinian Islamic Jihad had amassed up to $134 million in cryptocurrencies since 2021.
Despite reaching a 52-week high of $31,500 in July, Bitcoin's price fell to $24,500 by late August and September. However, the cryptocurrency began its rebound last month after the Federal Reserve decided during its September FOMC meeting to maintain its benchmark policy rate at 5.25%. This decision helped to stabilize cryptocurrency prices that had previously been rangebound.
The current upward trend marks a strong comeback for Bitcoin following a period of volatility and regulatory scrutiny. However, with new legislation looming, the future landscape of the cryptocurrency market remains to be seen.
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