The Stability of Bitcoin Amidst Regulatory Uncertainty
The past week has seen Bitcoin trading within a range of US$37,000 to US$37,600, reflecting stability in the market. This stability can be attributed to regulatory uncertainty in the United States, as investors digest the fallout from regulatory actions against industry players. Despite this uncertainty, there is optimism surrounding the approval of a spot Bitcoin exchange-traded fund (ETF). However, recent indications suggest that the decision on this ETF might be deferred until 2024 by the U.S. Securities and Exchange Commission (SEC).
Currently, Bitcoin is trading at around US$37,400, with a 3% increase on the weekly chart, a 7% gain for the month, and an impressive 125% surge for the year. The cryptocurrency is consolidating its position and may initiate another rally if it surpasses the US$38,000 resistance zone. If not, it could trigger a fresh decline with immediate support at around US$37,200.
Meanwhile, Ethereum is consolidating gains above the US$2,000 level and has potential for advancement towards the US$2,150 level.
Alchemy Pay Expands into the U.S., Pursues Licenses in UK and Hong Kong
In an interesting development, Alchemy Pay has expanded into the U.S. after acquiring a money services license in Iowa. The company is also in the process of pursuing license applications in the United Kingdom and Hong Kong. This expansion highlights their commitment to providing crypto-fiat payment services globally.
Bitcoin Hash Rate Reaches All-Time High
The Bitcoin hash rate has reached an all-time high of 491 exahashes per second. This signifies the robustness of the network and showcases the colossal computational efforts that secure the Bitcoin network. The upcoming Bitcoin halving in April is expected to be optimistic within the market, serving as a bullish indicator.
Regulatory Developments: Singapore and Bank of Korea
The Monetary Authority of Singapore (MAS) has released the final tranche of responses to feedback on its proposed regulations for crypto service providers. Singapore’s Central Bank is taking measures to discourage crypto speculation while simultaneously easing investment qualifications, demonstrating a responsive approach to industry feedback.
In a positive stride towards digital currency adoption, the Bank of Korea (BoK) plans to invite 100,000 Korean citizens to participate in a central bank digital currency (CBDC) pilot. The testing, scheduled for September to October 2024, will enable citizens to make purchases with deposit tokens. The BoK will also collaborate with the Korea Exchange to test the feasibility of delivery versus payment transactions using its new digital currency in a simulation system for carbon emissions trading.
Top Gainers and Losers in the Crypto Market
Here are the best and worst-performing cryptocurrencies among the top 100 by market cap over the past week:
Top 5 gainers:
- Blur: Up by 82%
- FTX Token: Up by 32%
- KuCoin Token: Up by 26%
- Klaytn: Up by 24%
- Mina: Up by 21%
Top 5 losers:
- Celestia: Down by 16%
- Fantom: Down by 13%
- Axie Infinity: Down by 9%
- Cosmos: Down by 9%
- Polygon: Down by 8%
Hot Take: The Crypto Market Shows Resilience Amidst Regulatory Uncertainty
The crypto market has demonstrated stability amidst regulatory uncertainty, with Bitcoin maintaining its position and Ethereum consolidating its gains. Alchemy Pay’s expansion into the U.S. and pursuit of licenses in the UK and Hong Kong further emphasize the global growth of crypto-fiat payment services. The record-breaking Bitcoin hash rate highlights the network’s robustness, while regulatory developments in Singapore and Korea showcase a responsive approach to industry feedback. Despite fluctuations in the market, cryptocurrencies continue to attract investors and show potential for growth.+
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