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 forBitcoin 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: ???????? 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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