The cryptocurrency market has been experiencing a choppy session lately with both Bitcoin And Ethereum Struggling to break out of its current price range. Investors and traders are closely monitoring the market for any signs of a possible breakout during the coming weekend.
bitcoin (btc)The world’s largest cryptocurrency failed to extend its upward rally and lost some ground today, possibly due to ongoing regulatory scrutiny in the cryptocurrency sector.
Evidence of this can be seen in the increasing strictness of US regulators towards companies dealing with cryptocurrencies.
The SEC recently issued a warning to one company, Coinbase, stating that they may face legal action.
Recent Developments in the Cryptocurrency Industry and Regulatory Landscape
Bitcoin and other cryptocurrencies have been rising in value as a result of many different factors and have risen significantly this year. BTC is now on its way to $30,000, a level not seen since June. The price of BTC has climbed almost 70% this year.
However, its dramatic rise can be attributed to the recent bank collapse and the declining trust of the public in traditional banks as a result of concerns about their viability.
As a result, some investors are turning to bitcoin as a safe-haven asset. This indicates that bitcoin tends to perform differently from stocks and other assets amid market volatility.
On the other hand, regulators in the United States are cracking down on cryptocurrency exchanges such as Coinbase. confirmed after SEC warns Coinbase that they could face legal action, and also issued an investor alert regarding the risks of investing in cryptocurrencies.
Meanwhile, the SEC has also accused Tron’s creator and other celebrities of securities fraud.
Furthermore, a co-founder of Terraform Labs was arrested in Montenegro for his involvement in the collapsed Crypto Luna.
Furthermore, investors are awaiting a court decision on whether XRP is a security in the SEC’s case against Ripple Labs. Thus, it was seen as one of the major factors that kept a lid on any additional gains in the cryptocurrency.
bitcoin price
So far, the current trading price of Bitcoin stands at $27,530, with a 24-hour trading volume of $25.9 billion. In the past 24 hours, bitcoin has experienced a drop of almost 3%. It is worth mentioning that Bitcoin currently holds the top position in the Coinmarketcap rankings with a live market cap of $532 billion.
Technical analysis suggests that the BTC/USD pair is currently displaying a bullish trend, however it may face some resistance near the $28,950 mark.
If bitcoin manages to break the $28,950 resistance, it could potentially propel its value towards $29,200 or even $30,700.
On the other hand, if there is a bearish trend, the $26,600 and $25,200 support levels are expected to provide substantial support.
ethereum price
As of today, the live trading price of Ethereum is $1,751, with a 24-hour trading volume of $1.5 billion. Ethereum has experienced a decline of 4% in the last 24 hours. Ethereum currently ranks second on the Coinmarketcap ranking with a live market cap of $214 billion.
Currently, Ethereum is facing a challenge to surpass the $1,800 resistance and it is trading steadily near the $1,700 support area.
In the event that the ETH/USD pair successfully overcomes the $1,800 level, it is predicted to face resistance at the $1,900 mark.
Support for the ETH/USD pair is expected at $1,700 or $1,620.
Top 15 Cryptocurrencies to Watch in 2023
Stay up to date with the latest ICO projects and altcoins by regularly checking out our curated list of the top 15 cryptocurrencies to watch in 2023 by the experts at Industry Talk and Cryptonews.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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