Crypto

Crypto Market Analysis

Crypto Market Analysis | 20 May 2024

Crypto Market Analysis

Over the weekend, Bitcoin (BTC) surged past the $67,000 mark for the first time in nearly a month. This swift change in sentiment comes on the heels of recent economic data indicating a softening in U.S. inflation, coupled with regulatory filings revealing significant interest in the relatively new spot Bitcoin ETFs. However, it still lagged behind other crypto tokens such as Chainlink (LINK), Ether (ETH), and Solana (SOL), which experienced more significant gains.

In the global regulatory landscape, the crypto industry is actively pursuing Congress for new regulations. The House of Representatives is set to vote next week on the Financial Innovation and Technology for the 21st Century Act (FIT21), which could become the first major crypto-regulation bill to be approved.

Meanwhile, Turkey has introduced a bill to regulate crypto businesses. The Capital Markets Board (CMB) will license and oversee these enterprises.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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