Prepare for takeoff! The cryptocurrency market has shown a notable 1 percent increase in the last 24 hours, reaching approximately $2.54 trillion during the London session on Thursday. This upward move has been fueled by intensifying on-chain activity, primarily involving whale traders, which contributed to Bitcoin price recovering above $65,000 to hover around $65,834 at the time of the report. .
Change in the regulatory scope of cryptocurrencies
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 long research on Ethereum, indicating a favorable result for the second largest cryptocurrency by market capitalization. Furthermore, the SEC's decision to seek a $102.6 million fine in the Ripple lawsuit suggests that the closure of another long-standing legal front is near.
India, which is becoming a critical hub for cryptocurrency and web3 innovation, has stepped up regulatory oversight. binancea major exchange, has faced a $2.2 million fine for violating anti-money laundering rules, underscoring India's commitment to clear guidelines despite past uncertainty.
Whales continue to accumulate
According to Santiment, a leading on-chain data analytics company, sentiment around Bitcoin has been marked by prolonged negativity and fear over the past four weeks. However, amid this cautious sentiment, large investors have been steadily accumulating Bitcoin in anticipation of an imminent market rally.
Recent data reveals a significant purchase by a single whale, acquiring 6,070 Bitcoins valued at approximately $395 million. In contrast, Bitcoin retail trading volumes have shown a decline in recent weeks, reflecting cautious retail sentiment.
Is the correction over?
From a technical perspective, analysts warn that Bitcoin's price trajectory remains precarious until it consistently closes above the $67,000 mark on higher time charts. In particular, US-based spot capital outflows. Bitcoin ETF continue to put selling pressure on the flagship cryptocurrency.
Renowned crypto analyst Ali Martinez has suggested a possible bearish trend for Bitcoin, projecting a drop towards $54,930 based on the market value to realized value (MVRV) indicator.
Also read: Crypto-1, SEC-0! Ethereum 2.0 research abandoned after Consensys lawsuit
Are you thinking about following the whales and buying Bitcoin? Do your own research first and never invest more than you can afford to lose!
