Bitcoin price is up today, and a marketwide rally in crypto prices suggests that Bitcoin (

Stocks stage a multiday rally, and the U.K. gets a crypto-friendly leader

The selection of Rishi Sunak as the new prime minister of the United Kingdom appears to have boosted crypto investor sentiment. Sunak is a crypto advocate and once commissioned a royal nonfungible token (NFT). As a result, many expect him to make major reforms in the crypto sector.

During his tenure as finance minister under the leadership of Boris Johnson, Sunak indicated his willingness to make the U.K. a cryptocurrency hub.

In April 2022, Sunak said:

“It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”

It is still too early to determine whether or not the Oct. 26 rally is a sign of a trend change, but one thing is clear: Factors impacting Bitcoin price and the crypto market are clearly being driven by the forced unwinding of futures contracts, positive movement in macro markets, and investors’ expectation that central bank policy and crypto regulatory frameworks will improve.