Regulation
Crypto Market Watch: Bitcoin Surpasses $67,000 Amid Slowing US Inflation and Interest in Spot Bitcoin ETFs
Bitcoin (BTC) surpassed $67,000 over the weekend, marking its first rise to this level in nearly a month. The change is driven by recent data showing slowing inflation in the United States and significant interest in spot Bitcoin ETFs, according to Parth Chaturvedi, chief investment officer at CoinSwitch Ventures. However, Bitcoin’s rise was less impressive than other cryptocurrencies like Chainlink (LINK), Ether (ETH), and Solana (SOL), which saw larger gains.
Chaturvedi explained: “This rapid change in sentiment follows recent economic data indicating slowing inflation in the United States, coupled with regulatory filings revealing significant interest in relatively new Bitcoin spot 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 says this could become the first major crypto regulation bill. Turkey is also introducing a bill to regulate crypto activities, under the supervision of the Capital Markets Board (CMB).
Rajagopal Menon, Vice President of WazirX, highlighted that Shiba Inu (SHIB) is trading around $0.000023 and could reach $0.000030 if it breaks the resistance at $0.000025, driven by an upward trend in Bitcoin.
Menon said, “Shiba Inu (SHIB) is trading around $0.000023, with resistance at $0.000025. If it breaks this level, SHIB could reach $0.000030, driven by a broader Bitcoin uptrend.
XRP is trading at $0.5130, targeting $0.5172 and $0.5228, but could face increased bearish momentum if it drops below $0.500.
Menon added: “XRP is trading at $0.5130, with a target of $0.5172 and $0.5228. A decline below $0.500 could increase XRP’s bearish momentum. »
Menon also noted: “Bitcoin’s moving averages suggest buying sentiment, after breaking above previous levels. However, price movements become more difficult due to post-halving consolidation and mid-year sentiment changes.
The CoinDCX research team reported that over the past 24 hours, BTC and ETH fell by more than 2%. Both cryptocurrencies continue to show unstable price action, remaining range-bound and experiencing liquidations on both sides.
Funding rates are neutral and overall price action is mixed, with both sitting at key support levels. The exchange’s research team says the US Consumer Price Index (CPI) figures will be important as they are expected to have a significant impact on the market. They further claimed that even though most altcoins are in decline, meme tokens like PEPE are seeing significant gains, driven by the buzz around US gaming stock GME.