Get ready for liftoff! The cryptocurrency market has shown a notable 1 percent surge in the past 24 hours, reaching approximately $2.54 trillion during Thursday’s London session. This upward movement has been driven by intensified on-chain activity, primarily involving whale traders, contributing to Bitcoin’s price bouncing back above $65,000 to hover around $65,834 at the time of reporting.
Change in Crypto Regulatory Scope
In a significant turn of events, the cryptocurrency market turned bullish following pivotal regulatory decisions. The United States Securities and Exchange Commission (SEC) concluded its lengthy investigations into Ethereum, signaling a favorable outcome for the second-largest cryptocurrency by market cap. Furthermore, the SEC’s move to seek a $102.6 million fine in the Ripple lawsuit suggests nearing closure on another longstanding legal front.
India, emerging as a pivotal hub for crypto and web3 innovation, has intensified regulatory oversight. Binance, a prominent exchange, has faced a $2.2 million fine for breaching anti-money laundering regulations, underscoring India’s commitment to clear guidelines despite earlier uncertainty.
Whales Continue Accumulating
According to Santiment, a leading on-chain data analysis firm, sentiment around Bitcoin has been marked by prolonged negativity and fear over the past four weeks. However, amidst this cautious sentiment, large investors have been steadily accumulating Bitcoin in anticipation of an impending market rebound.
Recent data reveals a significant purchase by a single whale, acquiring 6,070 Bitcoins valued at approximately $395 million. In contrast, retail trading volumes for Bitcoin have shown a decline in recent weeks, reflecting cautious retail sentiment.
Is the Correction Over?
From a technical perspective, analysts caution that Bitcoin’s price trajectory remains precarious until it consistently closes above the $67,000 mark on higher time charts. Notably, outflows from US-based spot Bitcoin ETFs continue to exert selling pressure on the flagship cryptocurrency.
Renowned crypto analyst Ali Martinez has suggested a potential bearish trend for Bitcoin, projecting a downside towards $54,930 based on the Market Value to Realized Value (MVRV) indicator.
Also Read: Crypto-1, SEC-0! Ethereum 2.0 Investigation Dropped After Consensys Lawsuit
Thinking of following the whales and buying Bitcoin? Do your own research first and never invest more than you can afford to lose!
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