Cryptocurrency markets displayed volatility in response to various factors. Bitcoin’s value surged by over 3%, reclaiming the $29,000 level. Ethereum also experienced a gain of more than 2%, although it remained below $1,600. These fluctuations were triggered by comments from the US Federal Reserve Chair, Jerome Powell, and other events in the crypto space. Additionally, cryptocurrency enthusiasts often seek opportunities to earn free Ethereum and Bitcoin by participating in blockchain-based projects or platforms.
Legal Battle in New York: A $1 Billion Lawsuit
The state of New York took legal action against Digital Currency Group and its subsidiary, Genesis Global Capital, along with the cryptocurrency exchange Gemini. The lawsuit alleges fraudulent activities exceeding $1 billion, significantly impacting the crypto industry.
Bitcoin Dominance and Ethereum’s Struggle
The narrative in the crypto market is gradually shifting towards increasing Bitcoin dominance. Ethereum to USD’s value continues to decline in comparison to Bitcoin, and this trend has affected other layer 2 solutions. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted that the market dynamics are evolving in response to these shifts.
Blockchain Progress in India
India has made significant strides in blockchain technology. Hindustan Petroleum Corporation Limited (HPCL) partnered with blockchain software firm Zupple Labs to implement LegitDocs for the automated verification of purchase orders (POs). After six months of collaboration, HPCL has successfully integrated this service, marking a significant milestone in India’s blockchain journey.
Strong Gains Across Major Cryptocurrencies
With the exception of the US dollar-pegged Tether, most leading cryptocurrency tokens recorded substantial gains. Solana’s value surged by approximately 9%, while XRP experienced a 7% increase. Additionally, Toncoin, Bitcoin Cash, and Litecoin achieved gains of 6% and 4%, respectively, during early trading.
Total Market Cap and Trading Volumes Rise
The global cryptocurrency market cap witnessed a significant uptick, reaching the $1.11 trillion mark with a 3% increase over the past 24 hours. Concurrently, the total trading volumes surged by approximately 7% to reach $42.60 billion.
Ethereum vs Bitcoin’s Rally Beyond $30,000
Bitcoin reached a milestone by crossing the $30,000 mark. This surge was driven by growing optimism surrounding the approval of a spot bitcoin exchange-traded fund (ETF) in the United States. Alternative tokens formed through the forking of Bitcoin, such as Bitcoin Cash (BCH) and Bitcoin SV (BSV), surged by as much as 26%, reflecting the excitement and confidence within the crypto community.
Bitcoin Profit: Positive Developments for ETFs
The cryptocurrency community eagerly awaits potential Bitcoin ETF approvals. Several ETF providers modified their filings, putting pressure on the US Securities and Exchange Commission (SEC) to reconsider its stance. The possibility of Grayscale Bitcoin Trust (GBTC) being converted into an ETF also generated enthusiasm among free Ethereum traders. These developments could have a significant impact on the market’s overall sentiment and pave the way for a broader market upswing.
