Positive fundamental developments in the UK and the US seem to have boosted the prices of the three top cryptocurrencies: Bitcoin, Ether, and XRP. The three tokens have rebounded in the daily and weekly
charts, with XRP leading the resurgence.
In the UK, a new Economic secretary has been appointed to oversee digital assets, while in the US, plans are underway to refund thousands of Bitcoins stolen in the 2016 crypto hack on Bitfinex.
At the time of publication, Bitcoin was trading at
$99,235, representing a 2% and 5% increase in the past day and week,
respectively. Data from CoinMarketCap also shows that Ether is up 4% (3% in the
past week), while XRP has added 9% in the daily chart and a substantial 27% in
the weekly chart.
Bitcoin ETFs
Despite these gains, cumulative trading volume for
Bitcoin ETFs fell to $2.23 billion, down sharply from more than $3 billion the
day before, according to data from sosovalue.com. The outflows come despite
broader market optimism fueled by cooling inflation.
A report from the Bureau of Labor Statistics revealed
wholesale inflation rose only 0.2% in December, below economist expectations,
contributing to a 1.3% rise in the total crypto market cap to $3.53 trillion.
BREAKING: ðŸ‡ðŸ‡° Hong Kong just approved the first batch of spot #Bitcoin ETFs. pic.twitter.com/TbjXPgZyH8
— Bitcoin Magazine (@BitcoinMagazine) April 15, 2024
The inflows, while modest, suggest growing confidence
in Ethereum’s trajectory. Industry analysts are now watching to see whether
this trend continues amid evolving market dynamics.
UK Appoints New Economic Secretary
Emma Reynolds was appointed as the new
Economic Secretary to oversee digital assets and central bank digital
currencies (CBDCs). Reynolds, formerly a managing director at TheCityUK
trade body, replaces Tulip Siddiq, who resigned following a scandal involving
ties to Bangladesh.
Siddiq had set out the UK’s crypto agenda, committing
to a regulatory framework similar to the European Union’s. Reynolds now
inherits this ambitious roadmap, tasked with balancing innovation with
regulation.
🔎 INSIGHT: What is the Markets in Crypto-Assets (MiCA)?MiCA was introduced to address regulatory inconsistency, rising fraud and potential risks to financial stability, aiming to create a level playing field and safeguard consumers. pic.twitter.com/fB2uztr1cE
— Cointelegraph (@Cointelegraph) December 17, 2024
So far, the Financial Conduct Authority has laid
out plans for a comprehensive crypto regime, but it remains to be seen how
Reynolds will approach these policies. As Bitcoin ETFs face mounting outflows and Ether funds
hint at recovery, the UK’s renewed focus on crypto regulation under new
leadership could shape the market’s future.
This article was written by Jared Kirui at www.financemagnates.com.
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