Bitcoin Surpasses $27,000 While Other Leading Cryptocurrencies Make Profits in Today’s Crypto Market.
Bitcoin rebounded to cross the $27,000 level on Wednesday after a brief slump, with other major altcoins including Ethereum, Dogecoin, Solana, Ripple, and Litecoin also showing gains. Toncoin was the only loser for the day with a negligible 24-hour loss of 0.16%. The global crypto market cap recorded a 24-hour gain of 2.43% to reach $1.16tn. The top five gainers over the past 24 hours, according to CoinMarketCap data, were: Mask Network, Conflux, Lido DAO, Rocket Pool, and Flare. There was no major trend in the market as it awaits regulatory clarity on multiple topics, but there was a mini-rally after the Commodities and Futures Trading Commission designated Ethereum as a commodity and not a security. Meanwhile, investors continue to keep an eye on the developments at Binance following CFTC action.
Edul Patel, CEO and Co-Founder of Mudrex, said Ether is gaining value as this cryptocurrency is now considered a commodity rather than a security, whereas BTC could potentially recover the $30,000 level it lost during the June 2022 bear market by continuing to maintain its current value and strive towards the $28,600 mark. Rajagopal Menon, Vice President at WazirX, cautioned that US lawmakers’ crackdown on crypto platforms such as Binance might impact the operations of crypto businesses and subsequent price changes for key tokens. Anurag Dixit, founder of Kunji, called for regulatory clarity as the same assets are being considered securities and commodities at the same time by different government authorities, fueling regulatory uncertainty. Sathvik Vishwanath, CEO and Co-Founder of Unocoin, predicted that if Bitcoin manages to break the $28,950 resistance level, it could potentially reach $29,250 or even $30,500, while Shivam Thakral, CEO of BuyUCoin, noted that CFTC support of Ethereum caused a mini-rally of 3.92% in just 24 hours.
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