"In India, as regulatory clarity evolves, it is clear that crypto is here to stay. The primary challenge lies in aligning the governments stance with a user-friendly environment for crypto enthusiasts. This will encourage businesses that have remained one foot away based on previous uncertainties to plan for an entry into the sector. The opportunity then lies in growth of a global sector that can eventually innovate, mature and gain mainstream acceptance, particularly in a technology-savvy country like India."
Bitcoin has been trading above the $28,200 level in the last 24 hours. This price movement follows asset manager Fidelity filing an amendment to its proposed spot bitcoin ETF with the U.S. SEC, specifying how it will safeguard customers bitcoin in custody accounts and disclose risks, said Edul Patel, CEO of Mudrex.
"Bitcoins price touched the $30,000 mark before settling at the $28,000 level following false news published on X (formerly Twitter) about the SEC approving Blackrocks spot ETF application. The news caused more than $100 million in liquidations," said Edul Patel, CEO of Mudrex.
The total volume in DeFi is currently $1.88 billion, 7.55% of the total crypto market 24-hour volume. The volume of all stablecoins is now $23.5 billion, which is 94.41% of the total crypto market 24-hour volume.
"Bitcoins price is consolidating above the $27500 mark due to long liquidations following the rising geopolitical tensions in the Middle East and an uptick in oil prices. Bitcoins value has currently risen by 66.62% over the year. If the markets turns bearish, Bitcoin will find support at around $27,195," said Edul Patel, CEO of Mudrex.
"Bitcoin has been trading around the $27,700 level, possibly because of traditional markets calming down following a cooling US labor market," Edul Patel, CEO of Mudrex, said.
BTC s Exponential Moving Average for 10-day and 200-day indicate a Sell sentiment at 26473 and 26959, respectively. Similarly, the Simple Moving Average for 10-day and 200-day SMA indicate a Sell at 26629 and 27930, respectively. Exponential moving averages show a Sell sentiment.
Bitcoin s dominance is currently 49.06%, according to CoinMarketCap. Meanwhile, BTC volume in the last 24 hours stood at approximately $15.06 billion, rising 98.61% in the last 24 hours.
Bitcoin inched up maringally on Thursday as it rose marginally to regain $25,800-levels, while Ethereum also moved on the similar lines but could not cross $1,650-mark.