Daily Crypto Nov. 6: Why Bitcoin Price Can Soar to $73,000 to Only 10% Crypto Holders Are Active Users

Welcome to the OLE777 – 1st Multiplatform Crypto Gaming in Asia. Today, the writer will highlight hot news in the crypto world: “Why Bitcoin rises to $73,000?”, Coinbase CEO Brian Armstrong criticized the U.S. Securities and Exchange Commission and the report shows that only 10% of crypto holders are active users.

Let’s jump into the details!

Reason Behind Bitcoin Price Soar to $73,000 on Wednesday

The crypto market surged as Bitcoin broke past $73,000 and Trump gained an edge in polls, sparking optimism about a pro-crypto administration. Investors are hopeful that if Trump wins on November 5, his supportive stance could stabilize regulations, benefiting the market.

Bitcoin’s historic high drove demand further, with strong inflows into Spot Bitcoin ETFs adding to the momentum. This excitement lifted other assets like Solana, which outperformed as meme coin popularity boosted its network activity, driving record DEX volumes and surpassing Ethereum.

The SEC’s ongoing crackdowns have added some tension, impacting companies like Consensys. However, with Dogecoin rallying 30% recently, the crypto market continues to show strong momentum, fueled by the potential for regulatory clarity and high investor interest.

Read more: Russian “Queen of Crypto” Scandal: Scammed $22 M to Support Ukrainian Troops

Coinbase CEO: U.S SEC Should Apologize

Coinbase CEO Brian Armstrong recently criticized the U.S. Securities and Exchange Commission (SEC) for its unclear approach to crypto regulation, suggesting that the next SEC chair should apologize for the agency’s harm to the crypto industry. 

Armstrong pointed to the SEC’s mixed signals on regulating digital assets, including whether assets like Bitcoin qualify as securities.

Armstrong, who supports pro-crypto Senate candidates like David McCormick and John Deaton, believes in reshaping the regulatory landscape to restore public trust. He claimed that Senator Elizabeth Warren pushed for SEC Chair Gary Gensler’s appointment to curb the crypto industry.

With the upcoming election, Armstrong sees potential for reform, especially if a crypto-friendly administration comes to power. For example, former President Donald Trump has promised to replace Gensler if re-elected. Possible candidates for a new chair include former SEC members like Dan Gallagher and Robert Stebbins.

Read more: Why An Analyst Predicted Bitcoin Price Will Reach $200,000 in The End of 2025?

Report: Only 10% Crypto Holders Are Active Users

A report from A16zcrypto, titled “Estimating the Number of Real Crypto Users,” reveals that just up to 60 million crypto holders actively use their assets each month. 

This figure represents around 10% of the estimated 617 million global holders reported by Crypto.com in June. 

According to A16zcrypto, this gap highlights a promising opportunity to engage existing holders, many of whom are passive, as active participants. The report suggests that as crypto platforms become more engaging, onchain user activity is likely to grow in the coming years.