Market analysts suggest that Bitcoin's current consolidation near $107,000 reflects short-term seller control
This comes at a time when digital currencies are seeing growing acceptance worldwide, especially after US President Donald Trump openly supported them
The flagship cryptocurrency Bitcoin (BTC), which scaled a record high of $111,970.17 last week, plunged to $104,684.72, its lowest level in seven days, on Friday, May 30
Appearing alongside his brother Donald Trump Jr., Eric made a bullish forecast, predicting that the value of Bitcoin would skyrocket in the near future
From the technical perspective, analysts believe that Bitcoin now faces resistance at $112,600, with key support moving to $108,700
Bitcoin ETFs have now seen five consecutive weeks of inflows totaling over $600 million, led by BlackRock's IBIT, despite some outflows from some funds
Bader Al Kalooti, MENASAT head of growth & operations at Binance, shares his views on the road ahead for cryptocurrencies, cybersecurity, and compliance issues for crypto exchanges
Ethereum (ETH) has officially broken through a key technical resistance, climbing above the $1,800 level
Market analysts attribute this rally in cryptocurrencies to increased institutional buying, a weakening dollar index, and other favorable macroeconomic conditions
The bounce in Bitcoin, Riya Sehgal, research analyst, Delta Exchange, said, came as hedge funds aggressively sold the dollar against major currencies
Investors' confidence, analysts said, stands strong as the White House plans to establish the Bitcoin Strategic Reserve using alternative government revenue sources
Bitcoin briefly tested resistance at $85,526 before pulling back, signaling potential consolidation in the near term
He expects the funds to come into the digital network from Russian real estate, Chinese private equity, and markets in Africa and South America
Bitcoin surged past the $87,000 mark over the weekend, with bulls maintaining control and defending lower levels
Bitcoin, meanwhile, has gained 164 per cent in the last one year - from a level of around $37,000 to nearly $98,300 now. This is despite the cryptocurrency halving in April 2024.
The halving comes after bitcoin hit an all-time high of $73,803.25 in March
Supply of bitcoin, which is limited to 21 million tokens, is set to get tighter in April, when the so-called "halving" event takes place
India should consider a regulatory sandbox approach to deal with issues related to crypto products and services, economic think tank GTRI said in its report on Sunday. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing. The Global Trade Research Initiative (GTRI) said that in the light of crypto's acceptance in the regular financial system in the US, it remains to be seen how India's crypto policy evolves in coming months. With the new US action, with ramifications on global capital flows, price of gold, foreign trade, it may not be possible to live with no regulation, it said. "India may consider adopting regulatory sandbox approaches, allowing for controlled testing of innovative crypto-related products and services. It may need to balance innovation with risk management and adapt advancements in blockchain
The crypto market is expected to reach $4.94 billion by 2030, and there is an estimated more than 600 crypto exchanges worldwide
It's an unusual stretch of calm for the token, which has over the years garnered attention for its wild price swings