The cryptocurrency market has seen choppy sessions lately, Bitcoin and Ethereum struggling to break out of their current price range. Investors and traders are watching the market closely for any signs of a potential rally over the coming weekend.
Nevertheless, the Bitcoin (BTC), the world’s largest cryptocurrency, failed to extend its rally and lost ground this morningpossibly due to ongoing regulatory scrutiny in the cryptocurrency industry.
Evidence of this can be seen in the increasing stringency of US regulators towards companies dealing with cryptocurrency.
The SEC recently issued a warning to one of the companies, Coinbase, that it could face legal action.
Recent Developments in the Cryptocurrency Industry and Changing Regulatory Landscape
Bitcoin and other cryptocurrencies have risen due to several different factors and have grown significantly this year. BTC is now on its way to $30,000a level not seen since June. The price of BTC has soared almost 70% this year.
However, the reason for its dramatic rises could be attributed to people’s declining confidence in traditional banks following recent bank meltdowns and concerns about their viability.
Consequently, some investors are turning to bitcoin as a safe haven. This indicates that bitcoin behaves differently from stocks and other assets in a context of high market volatility.
On the other hand, regulators in the US are cracking down on cryptocurrency exchanges such as Coinbase. This was confirmed after the SEC warned Coinbase that it could face legal action, and it also issued an investor alert on the risks of investing in cryptocurrency.
Meanwhile, the SEC has also charged the Tron creator and other celebrities with securities fraud.
Additionally, a co-founder of Terraform Labs has been arrested in Montenegro for his involvement in the Luna crypto meltdown.
Finally, investors are awaiting a court ruling in the SEC case against Ripple Labs on whether XRP qualifies as a security or not.
The price of bitcoin
Currently, the trading price of Bitcoin stands at $27,545, accompanied by a 24-hour trading volume of $25.9 billion. In the past 24 hours, Bitcoin saw a decline of nearly 2%. It should be noted that Bitcoin currently occupies the first place in the ranking of cryptos live market capitalization of $532 billion.
Technical analysis suggests that the BTC/USD pair is currently showing a uptrendalthough it may meet some resistance around the $28,950 mark.
If Bitcoin manages to break above the $28,950 resistance level, it could potentially boost its value to $29,200 or even $30,700.
On the other hand, if there is a downtrend, the support levels around $26,600 and $25,200 should provide substantial support and prevent a dip beyond that.
The price of Ethereum
As of today, the live trading price of Ethereum is $1,751accompanied by a 24-hour trading volume of $1.5 billion. Ethereum has seen a 2.5 drop in the last 24 hours and has a live market capitalization of $214 billion.
Currently, Ethereum is struggling to break above the $1,800 resistance level, continually swinging back and forth above and below this level. It is consistently trading near the $1,700 support zone.
In the case where the ETH/USD pair would successfully and frankly cross the level of $1,800she should face a resistance at the $1,900 level.
The support levels for the ETH/USD pair should be at $1,700 or $1,620 on a sharp decline, which is still quite unlikely given the state of the market.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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