Regulation
Bitcoin Rebounds Amid Whale Accumulation, Regulatory Updates
The total market capitalization of cryptocurrencies jumped about 1% in the last 24 hours to around $2.54 on Thursday during the London session. The surge in on-chain activity, primarily involving whale traders, helped the price of Bitcoin (BTC) rebound above $65,834 to trade around $65,834 at the time of writing. lines.
Change in Regulatory Scope of Crypto
The cryptocurrency market turned bullish over the past 24 hours after the United States Securities and Exchange Commission (SEC) dropped its long-running investigations into Ethereum. Additionally, the US SEC signaled the end of the Ripple lawsuit after asking the court to impose a fine of $102.6 million for partial violations of securities laws.
Meanwhile, India, a rapidly growing center of innovation in crypto and Web3, has focused on establishing clear crypto regulations. For example, exchange Binance was fined $2.2 million by the Indian government for violating the country’s anti-money laundering regulations, signaling its inevitable comeback.
Whales speed up their rate of accumulation
According to on-chain data analytics firm Santiment, crypto investors have shown extreme negativity and fear towards Bitcoin for the past four consecutive weeks. As crypto whales anticipate an inevitable rebound ahead, Santiment noted that the group is relentlessly accumulating more coins.
According to on-chain data analysis, a single giant whale bought approximately 6,070 Bitcoins worth approximately $395 million. However, the average Bitcoin retail volume has declined significantly in recent times.
Is the fix complete?
From a technical point of view, Bitcoin price is not yet out of the woods until it consistently closes above $67,000 on the all-time high charts. With notable outflows from US-based spot Bitcoin ETFs, the flagship coin remains under immense selling pressure.
According to popular crypto analyst Ali Martinez, Bitcoin price could continue in a downtrend towards $54,930 based on the market value/realized value (MVRV) indicator.