Bitcoin’s 2023 Rally Has Resumed After Stalling Around the Closely Watched $30,000 Level, Despite the Cryptocurrency’s Latest US Bullish and More Calm Valuation Outlook federal Reserve monetary policy.
the largest digital currency Shares in New York rose as much as 3.5% to $30,478 as of 8:40 a.m. Tuesday, its worst decline since March 9 after falling 3% the day before. Ether and an index of the top 100 digital assets also posted gains.
global equity Most were higher as signs of a Chinese economic boom helped markets look beyond US company earnings and the prospect of more central bank policy tightening.
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Securities and Exchange Commission It added to its digital-asset clampdown on Monday, saying that crypto platform Bittrex Inc has broken the agency’s rules for years. Rising regulatory heat and cooling expectations for an eventual Fed interest rate cut dampened investor enthusiasm.
bitcoin boom
Recent economic data has helped lift bets on a quarter-point hike in the Fed rate in May, while reducing projections for subsequent policy easing.
Bitcoin “The market could pull back towards $27,000 if the market continues to cut prices by some 60 basis points or so at the end of the year,” said Tony Sycamore, a market analyst at IG Australia Pte.
The digital currency has jumped 80% this year, driving global stocks up 8% as crypto markets stage a partial recovery from the 2022 crash.
But a long shadow of digital asset bankruptcies and scandals, most notably the collapse of FTX, hangs over the sector.
Securities and Exchange Commission suit
In its lawsuit against Bittrex, the SEC highlighted six tokens as examples of cryptoasset securities available for trading on the company’s platform: OMG Network (OMG), Dash (DASH), Algorand (ALGO), Monolith (TKN). , Naga (NGC) and IHT Real Estate Protocol (IHT).
Algorand, the group’s largest market cap at about $1.6 billion, fell as much as 2% on Tuesday before stabilizing. According to data from CoinGecko, Naga was the biggest decliner, with a decline of around 23% in the past 24 hours.
The SEC views most digital tokens as securities and argues that crypto exchanges should register with the agency because they are involved in securities trading.
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