New Delhi: Led by Bitcoin, eight of the top 10 digital currencies gained up to 14 percent on Thursday at 9:30 a.m. (IST). The crypto market has welcomed the move by El Salvador and South Korea, which is likely to increase digital token adoption.
El Salvador in South America was the first country in the world to grant Bitcoin legal tender status. The majority of lawmakers approved a bill introduced by President Nayib Bukele. The South Korean legislature has now drafted new crypto laws that are to be submitted to the National Assembly for review.
Invesco plans to launch two cryptocurrency-focused exchange-traded funds, despite regulators repeatedly delaying the approval of a U.S. Bitcoin ETF.
Interactive Brokers Group Inc plans to offer cryptocurrency trading through its brokerage within a few months, the company’s chairman said on Wednesday.
Tighter regulation of the cryptocurrency space is needed to help institutional investors become more comfortable with digital assets and really kick off the emerging asset class, said Mike Novogratz, founder of crypto investment firm Galaxy Digital.
The week was in the red for most assets in the crypto space, according to ZebPay Trade Desk. The market has seen a decline in prices, volumes, and market capitalization. This suggests that overall sentiment in the market is still bearish. However, after the market reset, the volatility of these assets has also decreased. ”
“This week there have been several important developments in the crypto space. However, we’d like to highlight a few that have gained prominence with investors and the community in general, ”she added.
Tech View of Giottus Cryptocurrency Exchange
The cryptocurrency market rebounded 9% on Wednesday as Bitcoin (BTC) broke key resistance levels to $ 37,000 overnight. All top 10 cryptocurrencies, with the exception of stablecoins, grew by at least 5% in the 24-hour period up to 9.30 a.m. IST.
The Bitcoin chart has been on a roller coaster ride lately. Technical analysis generates mixed sentiment, with the prospect of both a bear market and a relief rally.
After breaking the rising wedge pattern on June 7th, BTC is now retesting trendline support, which has become resistance, which can result in either a bullish or a bearish trend.
Investors are also on the lookout for the possibility of a Death Cross (if the 200- and 50-day averages cross), which could lead to a downtrend for weeks. If BTC breaks the $ 40,000 mark, we could witness a resurgence of the bull run.
Support: $ 33,400 and $ 30,800
Resistance: $ 39,000 and $ 41,500
The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)