Bitcoin is recovering after being hit by SEC confirmation hearings

biBitcoin shaken by a weakness triggered by the risk of tighter regulatory oversight than some crypto enthusiasts had expected.

Token climbed as much as 4% on Wednesday and held about $ 49,100 from 1pm in Hong Kong, giving this year winnings of about 70%.

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Bitcoin fell on Tuesday after Gary Gensler, the nominee for chairman of the US Securities and Exchange Commission, said in his Senate confirmation that it is a challenge for the agency to ensure that crypto markets are free from fraud and manipulation.

Gensler, who chaired the Commodity Futures Trading Commission during the Obama administration, has been seen as a strong advocate for digital assets. He serves as a senior advisor to the MIT Media Lab Digital Currency Initiative and teaches about blockchain technology and digital currencies.

“While the Bitcoin market reacted quickly to his comments, Gensler was largely positive about Bitcoin and cryptocurrencies,” said John Wu, president of blockchain technology company Ava Labs. “I hope the new administration will help promote innovation in blockchains, cryptocurrencies and digital assets instead of stifling it.”

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