Bitcoin Price Predicted to Rebound: Crypto Market Outlook
• Bitcoin balances on exchanges have increased as traders swap for trending altcoins, including new meme coins.
• The EU has passed the Markets in Crypto-Assets Act (MiCA) that standardizes crypto regulations across the European Union.
• The US SEC under Gary Gensler is accused of “silently killing” the cryptocurrency and blockchain industry.
Increased Exchange Balances
Bitcoin balances on exchanges have increased as traders swap for trending altcoins, including new meme coins. From the derivatives market, more than 80 percent of long traders were liquidated in the past 24 hours, with a total of $157 million rekt. Bitcoin traders were the most affected with 83 percent long traders of $59 million liquidated in the last 24 hours.
EU Crypto Regulations
The EU’s parliament has passed legislation known as the Markets in Crypto-Assets Act (MiCA), which standardizes regulations and establishes harmonized rules for crypto assets across Europe. This move was viewed as a bullish outlook from the crypto market, which had previously received hostile regulatory developments from within the United States.
US Regulatory Environment
The US Securities and Exchange Commission (SEC), led by Chair Gary Gensler, has been accused of silently killing off cryptocurrency and blockchain industries within America. During a recent Congressional hearing, Gensler had difficulty answering whether altcoins are securities or commodities.
Crypto Market Outlook
With Bitcoin’s dominance continuing to depict bearish momentum comparatively to other meme coins such as $PEPE and $WOJAK, Bitcoin’s dominance stood at around 47.16 percent of total crypto market capitalization while Ethereum followed closely with 18.7 percent market dominance. The total crypto market capitalization hovered around $1.23 trillion and trading volume was at approximately $60.8 billion daily traded volume .
Bitcoin Price Prediction
After breaking out of last month’s resistance zone around $28K, Bitcoin price dropped about 6% this week to trade around 28K going into the weekend due to accelerated selling pressure from miners and holders with more than 14K Bitcoins added on Binance exchange in seven days only.. Analysts are divided over whether BTC will fall further to 25K or find strength and rebound to 31K in near future period