The cryptocurrency market is up nearly by 6% in the last 24hours, with Ethereum taking the lead with a 6.78% change, followed by Dogecoin at 5.89%, Bitcoin at 4.73%, Cardano 4.34%, and Solano 1.46%, respectively.
Powered by investors push, Bitcoin and Ethereum prices are surging at a record rate, with bitcoin nearing the 50,000 USD mark. The Bitcoin intraday price is at 49,483.42 with an 18.804 million circulating supply, while for Ethereum, the intraday price is at 3,747.78 with a 117.359 million circulating supply.
Cryptocurrency Regulation Push
As the cryptocurrency market rallies owing to more significant investor push in Bitcoin, Ethereum and Cardano, the US Securities and Exchange Commission (SEC) spoke of a level playing field. The SEC wants some standard regulation in place in the cryptocurrency industry, and for that, they have suggested a uniform cryptocurrency trading platform.
On Thursday, when Bitcoin was up by 6%, Gary Gensler, the Chairman of SEC, urged crypto traders to comply and cooperate with regulators. Gensler said that this $2 trillion industry needs a public policy framework to stay relevant for the long term, say 5-10 years. Finance is about trust, and failure to cooperate with the regulators will only hurt the industry, said Gensler. Earlier, the SEC had sued BitConnect on allegations of fraud as it raised $2 billion from retail investors. The SEC’s recent comments are significant as BitConnect is the defunct cryptocurrency trading platform at the moment.
Eyes on Bitcoin Resistance Level
As of Thursday, Bitcoin’s volume for the last 24 hours stands at 39.313 billion USD, whereas Ethereum, Cardano, Solano and Dogecoin stands at 27.439 billion USD, 7.102 billion USD, 3.198 billion USD and 3.211 billion USD, respectively.
Bitcoin is trying to settle above the $50,000 mark as traders will like to bet at higher levels. If bitcoin fails to go above the mark as it did in August, traders might go against it and invest in Ethereum or Cardano. This was driving the cryptocurrency market at the moment, with Ethereum targeting the $3800 level. Now all eyes are on Bitcoin, whether it can break the $50,000 resistance level and, if it does, how quickly it can get the next resistance level of $53,000.