Crypto Currency News

Bitcoin price closes the week with a slight recovery

You can speak of a major recovery only if you exceed 60K again.

After hitting lows near USD 55K, Bitcoin (BTC) closed the week with a 2.5% recovery in the last 24 hours to reach USD 58,304 at the close of this publication.

BTC remains stagnant in the range between $ 50 and $ 60 thousand, and experts point out that a significant recovery can be spoken of only if it exceeds 60K again. Meanwhile, the movements will only be part of the market’s own volatility.

This morning, the ecosystem has been attentive to the statements of Gary Gensler , the new president of the Securities and Exchange Commission of the United States (SEC). The official, who knew how to teach crypto currency classes at the prestigious Massachusetts Institute of Technology (MIT), referred to BTC as “a scarce but highly volatile store of digital value . ” In that sense, he stressed that it is necessary to provide investors with a protective framework.

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Gensler explained that “there must be an authority against fraud and manipulation of exchanges,” and left the door open for future crypto regulation in the United States. His statements also sowed expectations about the approval of the first Bitcoin ETFs in the country, a process that depends on the SEC and will not be resolved until next month.

The BTC jump was accompanied by the rest of the altcoins . Ethereum (ETH), the second largest crypto currency on the market, jumped 7% this morning and hit all-time highs near $ 3,800 , but quickly retraced and fell back to the $ 3,500 level. At the close of this note, the price of ETH is $ 3,557.

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Dogecoin (DOGE) and Cardano (ADA) also had a daily jump of more than 2%, reaching $ 0.61 and $ 1.69, respectively. Litecoin (LTC) rose by the same measure and climbed to $ 352.

On the other hand, the day of today also had strong falls. XRP is down 5% and back above $ 1.61, while Bitcoin Cash (BCH) plunged 10% and is trading at $ 1,385. Polkadot (DOT) is down almost 2% and its price is hovering around $ 41.80.

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