Regulation
Crypto Market Watch: Bitcoin Surpasses $67,000 Amid Weakening US Inflation and Interest in Spot Bitcoin ETFs
Bitcoin (BTC) rose above $67,000 over the weekend, marking the first rise to this level in nearly a month. This shift has been driven by recent data showing weakening U.S. inflation and significant interest in spot Bitcoin ETFs, according to Parth Chaturvedi, chief investment officer at CoinSwitch Ventures. However, Bitcoin’s growth has been less impressive than other cryptocurrencies such as Chainlink (LINK), Ether (ETH), and Solana (SOL), which have seen larger gains.
Chaturvedi explained: “This rapid shift in sentiment comes on the heels of recent economic data indicating weakening inflation in the US, along with regulatory filings revealing significant interest in relatively new Bitcoin spot ETFs.”
The cryptocurrency 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 says this could become the first major cryptocurrency regulation bill. Turkey is also introducing a bill to regulate cryptocurrency-related businesses, with the Capital Markets Board (CMB) overseeing these businesses.
Rajagopal Menon, VP of WazirX, pointed out that Shiba Inu (SHIB) is trading around $0.000023 and could rise to $0.000030 if it breaks the resistance at $0.000025, led by an uptrend in Bitcoin.
Menon said, “Shiba Inu (SHIB) is trading around $0.000023, with resistance at $0.000025. If it breaks above this level, SHIB could rise to $0.000030, led by a broader uptrend in Bitcoin .”
XRP is trading at $0.5130, targeting $0.5172 and $0.5228, but could face increased bearish momentum if it breaks below $0.500.
Menon added, “XRP is trading at $0.5130, with a target of $0.5172 and $0.5228. A drop below $0.500 could add to the bearish momentum for XRP.”
Menon further noted, “Bitcoin moving averages suggest a ‘buy’ sentiment, having broken above previous levels. However, price movements are becoming more challenging due to post-halving consolidation and mid-year sentiment changes .”
CoinDCX’s research team reported that over the past 24 hours, BTC and ETH have fallen by more than 2%. Both cryptocurrencies continue to exhibit choppy price action, remaining within a range and experiencing liquidations on both sides.
Financing rates are neutral and overall price action is mixed, with both at key support levels. The exchange’s research team claims that the US Consumer Price Index (CPI) numbers will be important as they are expected to have a significant impact on the market. They further stated that while most altcoins are in decline, meme tokens like PEPE are seeing significant gains, driven by buzz around US gaming stock GME.