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Bitcoin faces scrutiny after record-breaking spreeINTL

Bitcoin faces scrutiny after record-breaking spree

Bitcoin is set to face regulatory scrutiny after a record-breaking rally that saw the cryptocurrency’s value surpass $20,000 for the first time ever. It has spiked over 300% since March this year, with many investors claiming it will continue its gains next year. A Deutsche Bank survey predicted it will end 2021 on an even higher note.

Though many are still wary of the rally (the last one back in 2017 resulted in a grim crash), others are already gearing up for a major cryptocurrency takeover to impact the markets. 

why it matters
With Wall Street veterans also shifting their attention to the asset, it seems that Bitcoin might finally become mainstream after years of ups-and-downs. However, U.S. Democrats are known for wanting stricter regulation in the cryptocurrency market, and with Joe Biden in the White House next month, it is likely that Bitcoin will face tougher scrutiny.