Over the last 24 hours, the total cryptocurrency market capitalization increased by approximately 1.1 percent, reaching $2.39 trillion. This rise was largely due to a sharp increase in the activity of large volume traders, so-called whale traders. In particular, the Bitcoin (BTC) price is trading around $65,711, rising above $65,000 at the time of this writing. While this situation created a positive atmosphere in the market in general, it also increased the interest and confidence of investors.
Change in Crypto Regulation Scope
Another important reason for this rise in the cryptocurrency market was the United States Securities and Exchange Commission (SEC) abandoning its long-standing investigations into Ethereum. This decision of the SEC created great relief in Ethereum and the altcoin market in general. Investors began to invest more confidently as regulatory uncertainties decreased, which contributed to the rise in market values.
In addition, the SEC requested a $102.6 million fine from the court in the Ripple (XRP) case for partially violating securities laws and signaled that this case was over, creating another positive impact on the market. The end of the Ripple lawsuit will be an important milestone for other cryptocurrencies as well as XRP. This development increased investors’ confidence in Ripple and similar projects, causing a positive movement in the market.
Besides these, India, a rapidly growing crypto and web3 innovation hub, is focused on ensuring clear crypto regulations. Recognizing the potential of cryptocurrencies and blockchain technology, the Indian government aims to introduce clearer and constructive regulations in this area. These regulations can provide a more stable and secure investment environment for both local and global investors.
Whales Increase Accumulation Rate
According to data analysis firm Santiment, crypto investors have been showing extreme negativity and fear towards Bitcoin for the past four weeks. In anticipation of an inevitable recovery by crypto whales, Santiment noted that this group of investors is relentlessly accumulating more money.
According to on-chain data analysis, a single giant whale purchased around 6070 Bitcoins worth approximately $395 million.
Is the Fix Over?
From a technical perspective, Bitcoin price is not yet off target until it closes above $67K consistently on the higher time frames. The leading crypto remains under major selling pressure due to significant cash outflows from US-based spot Bitcoin ETFs.
https://x.com/ali_charts/status/1803420971576987844
According to popular crypto analyst Ali Martinez, Bitcoin price may continue its downward trend towards $54,930 based on the Market Value to Realized Value (MVRV) indicator.
You can access current market movements here.
