The global market cap has surged by an impressive 2%, reaching a whopping $2.77 trillion within the last 24 hours. Driving this surge is none other than the king of cryptocurrencies, Bitcoin (BTC), maintaining its dominance despite concerns about inflation in the United States potentially delaying expected rate cuts.
Despite worries about inflation in the United States, Bitcoin remains resilient. Despite concerns that expected rate cuts might be delayed, the leading cryptocurrency stays strong. This resilience is thanks to growing interest from institutional investors, even reaching into China through Hong Kong.
This strong support has kept Bitcoin on its bullish path.
Behind Bitcoin’s climb is the increasing interest from institutional investors, with this trend even affecting China’s cryptocurrency market via Hong Kong. Latest market data shows Bitcoin’s price rising by about 2.2%, hitting around $70,736 during Thursday’s early London session.
Market Shocker
In a significant development, the U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to Uniswap Labs, the leading Ethereum-based decentralized finance (DeFi) protocol. This announcement has caused waves in the cryptocurrency market, though it’s worth noting that Uniswap emerged victorious in a legal battle against the regulatory agency last year.
With the much-anticipated Bitcoin halving just 8 days away, the cryptocurrency community braces for a significant shift, signaling a new era, particularly for the bull cycle. While some analysts warn of potential sell-off scenarios, crypto enthusiasts remain confident in the market’s overall trajectory, driven by macroeconomic factors.
Market intelligence firm Santiment remains optimistic about the meme coin industry’s outlook in the coming weeks. Exploring the realm of meme coins, Santiment highlights the outperformance of select contenders within the top 50. Leading the charge are prominent names like Dogecoin (DOGE), SPX6900 (SPX), MAGA (TRUMP), and ArbDoge AI (AIDOGE), showcasing promising trends.
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