The past week has witnessed stability in Bitcoin, as it traded within the range of US$37,000 to US$37,600. The market’s equilibrium during this period can be attributed to the prevailing regulatory uncertainty in the United States. Investors are digesting the fallout from regulatory actions taken against some players in the industry.
Amidst this, optimism lies in the anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF). However, recent indications suggest that the U.S. Securities and Exchange Commission (SEC) might defer this decision until 2024.
Currently, Bitcoin is trading at the US$37,400 level, reflecting a 3% increase on the weekly chart, a 7% gain month-to-date, and an impressive 125% surge year-to-date. The cryptocurrency is consolidating its position and may initiate another rally if it successfully surpasses the US$38,000 resistance zone. If not, it could trigger a fresh decline, with immediate support situated at the US$37,200 level.
Meanwhile, Ethereum is currently positioned above the US$2,000 level, consolidating gains and eyeing potential advancement toward the US$2,150 level.
In an interesting development, Alchemy Pay, a crypto-fiat payment service provider, has revealed its expansion into the U.S. following the acquisition of a money services license in the state of Iowa. The company is also in the process of pursuing license applications in the United Kingdom and Hong Kong.
The Bitcoin hash rate has reached an all-time high, underscoring the robustness of the network. According to data from Blockchain.com, the total Blockchain hash rate reached 491 exahashes per second, signifying the colossal computational efforts securing the Bitcoin network. The upcoming Bitcoin halving, scheduled for April, is going to be optimistic within the market as a bullish indicator.
Shifting focus to regulatory developments, the Monetary Authority of Singapore (MAS) has released the final tranche of responses to feedback on its proposed regulations for crypto service providers. Notably, Singapore’s Central Bank is adopting measures to discourage crypto speculation while simultaneously easing investment qualifications, showcasing a responsive approach to industry feedback.
In a positive stride towards digital currency adoption, the Bank of Korea (BoK) has unveiled plans to invite 100,000 Korean citizens to participate in a central bank digital currency (CBDC) pilot. The testing, slated for September to October 2024, will enable citizens to make purchases with deposit tokens. Furthermore, the BoK will collaborate with the Korea Exchange to integrate its new digital currency into a simulation system for carbon emissions trading, testing the feasibility of delivery versus payment transactions.
Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:
– Top 5 crypto gainers during the week:
1. Blur is up by 82%
2. FTX Token is up by 32%
3. KuCoin Token is up by 26%
4. Klaytn is up by 24%
5. Mina is up by 21%
– Top 5 crypto losers this week:
1. Celestia is down by 16%
2. Fantom is down by 13%
3. Axie Infinity is down by 9%
4. Cosmos is down by 9%
5. Polygon is down by 8%
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
