Bitcoin
Crypto Market Watch: Bitcoin Surpasses $67,000 Amid Easing US Inflation, Interest in Spot Bitcoin ETFs
Bitcoin (BTC) surpassed $67,000 over the weekend, marking its first climb to that level in nearly a month. This shift was driven by recent data showing a reduction in US inflation and significant interest in spot Bitcoin ETFs, according to Parth Chaturvedi, head of investments at CoinSwitch Ventures. However, Bitcoin’s rise has been less impressive compared to other cryptocurrencies like Chainlink (LINK), Ether (ETH), and Solana (SOL), which have seen bigger gains.
Chaturvedi explained: “This rapid shift in sentiment comes on the heels of recent economic data indicating a slowdown in US inflation, along with regulatory filings revealing significant interest in the relatively new spot Bitcoin ETFs.”
The crypto industry is lobbying Congress for new regulations. The House of Representatives will vote next week on the Financial Innovation and Technology for the 21st Century Act (FIT21). Chaturvedi claims this could become the first major crypto regulation bill. Turkey is also introducing a bill to regulate crypto businesses, with the Capital Markets Board (CMB) overseeing these companies.
Rajagopal Menon, vice president at WazirX, highlighted that Shiba Inu (SHIB) is trading around $0.000023 and could rise to $0.000030 if it breaks the $0.000025 resistance, driven by an uptrend for Bitcoin.
Menon stated, “Shiba Inu (SHIB) is trading around $0.000023 with resistance at $0.000025. If it breaks this level, SHIB could rise to $0.000030, driven by a trend broader bullish trend in Bitcoin.”
XRP is trading at $0.5130, targeting $0.5172 and $0.5228, but could face further bearish momentum if it falls below $0.500.
Menon added: “XRP is trading at $0.5130, targeting $0.5172 and $0.5228. A drop below $0.500 could increase bearish momentum for XRP.”
Menon also noted: “Bitcoin moving averages suggest a ‘buy’ sentiment, having surpassed previous levels. However, price movements are becoming more challenging due to post-halving consolidation and mid-year sentiment shifts.”
The CoinDCX research team reported that in the last 24 hours, BTC and ETH have fallen by more than 2%. Both cryptocurrencies continue to experience unstable prices, remaining within a range and facing sell-offs on both sides.
Funding rates are neutral and overall price developments are mixed, with both at key support levels. The exchange’s research team says the US Consumer Price Index (CPI) numbers will be important as they are expected to have a significant impact on the market. They further claimed that while most altcoins are in decline, meme tokens like PEPE are making significant gains, driven by the buzz surrounding US gaming stock GME.