Crypto Market in Profit, Bitcoin Price More than USD 1,o5,470, Ether Increases 6 Percent

Ether, the second largest cryptocurrency, had a profit of more than six percent. International Crypto Exchange at the time this report was published Binance But the price of Ether was trading at around $3,407. Other cryptocurrencies that rose included Solana and XRP. 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 Bitcoin 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 expressed disagreement 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.

The interest of institutional investors in this segment has also increased. 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. Russian companies are using Bitcoin in their business abroad. The Russian government had approved the use of cryptocurrencies by changing the law to deal with the restrictions of Western countries.