Bitcoin
Crypto Market Emerges Due to Regulatory Relief and Whale Activity
Get ready for takeoff! The cryptocurrency market saw a notable increase of 1% in the last 24 hours, reaching approximately $2.54 trillion during Thursday’s session in London. This upward movement was driven by intensified activity on the network, mainly involving whale traders, contributing to the price of Bitcoin jumping above $65,000, hovering around $65,834 at the time of reporting.
Changing Crypto Regulatory Scope
In a significant turn of events, the cryptocurrency market has turned bullish following crucial regulatory decisions. The United States Securities and Exchange Commission (SEC) has concluded its long investigations into Ethereum, signaling a favorable result for the second largest cryptocurrency by market value. Furthermore, the SEC’s decision to seek a $102.6 million fine in the Ripple lawsuit suggests the closure of another long-running legal front.
India, emerging as a key hub for crypto and web3 innovation, has stepped up regulatory oversight. Binancea prominent exchange, faced a $2.2 million fine for violating anti-money laundering regulations, underlining India’s commitment to clear guidelines despite previous uncertainty.
Whales continue to accumulate
According to Santiment, a leading on-chain data analytics firm, sentiment around Bitcoin has been marked by prolonged negativity and fear over the past four weeks. However, amid this cautious sentiment, large investors have been steadily accumulating Bitcoin in anticipation of an imminent market recovery.
Recent data reveals a significant purchase by a single whale, acquiring 6,070 Bitcoins valued at approximately $395 million. In contrast, Bitcoin retail trading volumes have shown a decline in recent weeks, reflecting cautious retail sentiment.
Is the fix over?
From a technical perspective, analysts warn that Bitcoin’s price trajectory remains precarious until it consistently closes above the $67,000 mark on higher time charts. Namely, the exits of US-based spot companies Bitcoin ETFs continue to exert selling pressure on the leading cryptocurrency.
Renowned crypto analyst Ali Martinez has suggested a potential downtrend for Bitcoin, projecting a downside to $54,930 based on the Market Value to Realized Value (MVRV) indicator.
Read too: Crypto-1, SEC-0! Ethereum 2.0 investigation abandoned after Consensys lawsuit
Thinking about following the whales and buying Bitcoin? Do your own research first and never invest more than you can afford to lose!