Bitcoin (BTC) surged past $67,000 over the weekend, marking its first rise to this level in nearly a month. This change was driven by recent data showing a softening in U.S. inflation and significant interest in spot Bitcoin ETFs according to Parth Chaturvedi, Investments Head at CoinSwitch Ventures. However, Bitcoin’s rise was less impressive compared to other cryptocurrencies like Chainlink (LINK), Ether (ETH), and Solana (SOL), which saw bigger gains.
Chaturvedi explained, “This swift change in sentiment comes on the heels of recent economic data indicating a softening in U.S. inflation, coupled with regulatory filings revealing significant interest in the relatively new spot Bitcoin 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 claims this could become the first major crypto regulation bill. Turkey is also introducing a bill to regulate crypto businesses, with the Capital Markets Board (CMB) overseeing these enterprises.
Rajagopal Menon, VP at WazirX, highlighted that Shiba Inu (SHIB) is trading around $0.000023 and could rise to $0.000030 if it breaks resistance at $0.000025, driven by a bullish trend in Bitcoin.
Menon stated, “Shiba Inu (SHIB) is trading around $0.000023, with resistance at $0.000025. If it breaks this level, SHIB could rise to $0.000030, driven by a broader bullish trend in Bitcoin.”
XRP is trading at $0.5130, aiming for $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, targeting $0.5172 and $0.5228. A drop below $0.500 could increase bearish momentum for XRP.”
Menon also noted, “Bitcoin’s moving averages suggest a ‘Buy’ sentiment, having surpassed previous levels. However, price movements are becoming more challenging due to post-halving consolidation and mid-year sentiment shifts.”
CoinDCX research team reported that in the last 24 hours, BTC and ETH dropped by over 2 per cent. Both cryptocurrencies continue to show choppy price action, remaining within a range and experiencing liquidations on both sides.
Funding rates are neutral, and overall price action is mixed, with both at key support levels. The exchange’s research team claims that the U.S. Consumer Price Index (CPI) numbers will be important as they are expected to impact the market significantly. They further claimed that while most altcoins are declining, meme tokens like PEPE are seeing significant gains, driven by buzz around US gaming stock GME.