The second-largest cryptocurrency Ether had a loss of about 2.70 percent. When this report was published, the price of Ether on the international crypto exchange Binance was at around $3,211. Other cryptocurrencies to decline included Tether, Cardano, Polkadot, Chainlink, Near Protocol and Cronos. In the last one day, the market capitalization of crypto fell by about 2.60 percent to about $ 3.56 trillion.
Market analysts say that the price of Bitcoin may trade in a range until the Federal Reserve meeting at the end of this month. The major support for this most popular cryptocurrency is at $1,01,300 and the next resistance is at $1,06,700. Regulatory framework will be prepared for cryptocurrencies in America. During his election campaign, Trump had hinted at creating a reserve of Bitcoin and a policy in favor of crypto. However, the Federal Reserve disagreed with the plan to create a reserve of Bitcoin.
Recently Bitcoin had made a high level of more than $1,09,200. However, earlier this week the market had fallen due to no mention of crypto in Trump’s first address after becoming President. The US Securities and Exchange Commission (SEC) has said that a task force has been formed with the aim of preparing a regulatory framework for cryptocurrencies. The previous US government had taken action against many crypto-related firms by accusing them of violating rules. These firms included Coinbase and Kraken. However, these firms had denied the allegations of violation of rules. The interest of institutional investors has increased in this segment. Software maker MicroStrategy has bought a large number of Bitcoins in the last few weeks. This company has purchased about 11,000 bitcoins for about $ 1.1 billion in the week ending January 19. This marks MicroStrategy’s 11th consecutive week of large purchases of Bitcoin.
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