Bitcoin fails to get close to US$70,000, but is on track to close the month with an increase of more than 10%

Bitcoin fails to get close to US$70,000, but is on track to close the month with an increase of more than 10%

Ethereum rises 0.4% in the last 24 hours and is on track to mark a rise of 24.4% for the month.

The market of cryptocurrencies marks a drop close to 3% in the last seven days and this Wednesday, May 29, it is trading at US$67,400. However, in the month it accumulates an increase of 10.9%. While, Ethereum It rises 0.4% in the same time range, although it loses 2% of its value in the last 24 hours and is positioned at US$3,750, in the month it accumulates an advance of 24.4%.

This comes after Bitcoin suffered a sharp drop on May 28 as several wallets moved 107,547 BTC worth almost $7.3 billion to an unknown wallet, with more transactions arriving every hour. This responded to a defunct cryptocurrency exchange’s plan to return BTC holdings to creditors before October, analysts explained.

This is the Mt. Gox bitcoin exchange, which transferred about 140,000 BTC, valued at about $9 billion, to a unknown address as part of refund plans to the company’s creditors. Portfolio activity shows that the movements were made in 13 transactions, the first movements of Mt. Gox assets in more than five years.

Meanwhile, in Argentina, the regulation of cryptocurrencies occupies an increasingly important role in the Government’s agenda and pressure is growing from sector leaders to establish a clear regulatory framework around the use of said assets.

Proof of this was the recent meeting held by the National Securities Commission (CNV) with the National Commission for Digital Assets (CNAD) of El Salvador, the first country in the world to adopt Bitcoin (BTC) as legal tender, in order to know the experience of the Central American country with the regulation and implementation of the digital currency most famous in the world.

The Impact of Ethereum ETFs

On the other hand, it is striking that the market is not taking into account the approval of exchange-traded funds (ETF) of ETH spot in the United States. However, analysts highlight that the approval denotes a clear change in the position of regulators such as the Securities and Exchange Commission (SEC) towards the cryptoasset market, which could benefit cryptocurrencies in the long run. .

“This development has surprised many, as it was not expected to be achieved so soon. This news reflects a change in regulatory perception towards digital assets, underlining the evolution of the market and the growing acceptance of digital assets in the traditional financial sphere,” explained Javier Molina, senior markets analyst at eToro.

For the moment, the Bitcoin remains trapped inside the “grand channel” and waiting for “new catalysts” that manage to move prices to one side or the other (the margin is between US$60,000 and US$72,000).

Source: Ambito

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