Bitcoin Reclaims $39,000 As US Favours Positive Regulations

Global cryptocurrency market marched forward by 4 per cent to $1.62 trillion as of 9 am IST today after the US Securities and Exchange Commission (SEC) hinted at favourable regulations for the crypto industry. Trade volumes also rose by 7 per cent to reflect the overall market sentiment.

Bitcoin (BTC) bounced back from its support level at $37,500 yesterday to register a 3.3 per cent gain. BTC is trading near $39,300 at day’s close with support levels forming at $39,000 and $38,500. Investors' confidence continues to sustain the BTC price actions with steady trade volumes.

Ethereum (ETH) rallied from a low of $2,450 to reach an intraday high of $2,770 in anticipation of the EIP-1559 London hard fork that’s scheduled to go live today evening. ETH closed at the resistance level of $2,700, having gained 9 per cent from the previous day. ETH support levels are now at $2,620 and $2,450. However, investors are cautious of a dump following the run up to major events such as the EIP-1559 upgrade with traders likely to book profits post the event.

BTC’s share of market cap is down to 45.5 per cent as altcoins register significant gains. All top 20 cryptocurrencies gained today, driven by the growth in BTC and ETH. Polkadot (DOT), Uniswap (UNI) and Solana (SOL) registered a substantial 10 percent gain. Aave (AAVE) and BitTorrent (BTT) registered the biggest gains among the top 100 cryptocurrencies with more than a 16 per cent increase.

BTC, having reversed its losses in the past 24 hours, has to reclaim the psychological $40,000 level before its move towards the 20-week moving average near $43,000.

Top Gainers today:

1. Aave (AAVE): 17.0%
2. BitTorrent (BTT): 16.9%
3. Compound (COMP): 15.1%

Top Losers today:

1. KuCoin Token (KCS): -4.9%
2. Celo (CELO): -1.0%
3. Amp (AMP): -0.2%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Miami, US has launched its own cryptocurrency called MiamiCoin (MIA) that will reward users with Bitcoin. MIA, which is powered by stacks protocol, will also be used to fund projects and events in the city. 
2. Aspen Digital, a Hong Kong-based crypto investment platform, has raised $8.8 million in a pre-Series A funding round led by RIT Capital Partners and Liberty City Ventures, to expand its team and open new offices in London and Singapore. 
3. Global crypto exchange Binance has announced a partnership with crypto-fiat payment platform Alchemy Pay to enable peer-to-peer (P2P) payments using Binance Pay in 18 countries. Users will be able to pay across merchants of Alchemy Pay’s partners, including e-commerce giant Shopify. Meanwhile, HSBC bank has suspended fiat deposits to Binance in the UK.
4. Digital art platform MakersPlace, which markets digital art and non-fungible tokens (NFTs) to a mainstream audience, has raised $30 million in Series A funding led by Pantera Capital and Bessemer Venture Partners. 
5. Google, under its new policy, will allow advertisers offering cryptocurrency exchange and wallet services to run ads to US customers. 

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