- Bitcoin surpasses $67,000 due to softening US inflation and interest in spot Bitcoin ETFs.
- Other cryptocurrencies like Chainlink, Ether, and Solana see larger gains than Bitcoin.
- Upcoming crypto regulations in the US and Turkey could impact the market.
Bitcoin (BTC) surged past $67,000 over the weekend, its first rise to this level in nearly a month. This increase is attributed to recent data indicating a softening in US inflation and growing interest in spot Bitcoin ETFs, as noted by Parth Chaturvedi, Investments Head at CoinSwitch Ventures. Despite this, other cryptocurrencies like Chainlink (LINK), Ether (ETH), and Solana (SOL) experienced even larger gains.
Chaturvedi explained that the shift in sentiment comes from economic data showing lower US inflation and significant regulatory interest in spot Bitcoin ETFs. Meanwhile, the crypto industry is pushing for new regulations, with the US House of Representatives set to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) next week. Turkey is also planning to regulate crypto businesses through its Capital Markets Board (CMB).
Rajagopal Menon, VP at WazirX, highlighted that Shiba Inu (SHIB) is trading around $0.000023 and could rise to $0.000030 if it breaks resistance at $0.000025. XRP is currently trading at $0.5130, aiming for $0.5172 and $0.5228, but could face bearish momentum if it drops below $0.500.
The CoinDCX research team reported that BTC and ETH dropped by over 2% in the last 24 hours, with choppy price action and liquidations on both sides. They noted that the US Consumer Price Index (CPI) numbers will be crucial, potentially impacting the market significantly. While most altcoins are declining, meme tokens like PEPE are seeing significant gains driven by buzz around US gaming stock GME.
