Bitcoin, Ether gain; traders cautious as U.S. regulator goes after NFT firm
Bitcoin and Ether saw marginal gains, rising less than 1% in the past 24 hours. However, both cryptocurrencies posted losses for the week.
Polkadot led the gains among the top 10 cryptocurrencies, with an increase of almost 3%.
The Forkast 500 non-fungible token (NFT) Index dropped as the U.S. Securities and Exchange Commission (SEC) charged Los Angeles-based media company Impact Theory for offering and selling NFTs as unregistered securities.
Bitcoin's price reached $25,984, with a weekly loss of 0.44%. Its trading volume increased by 33.39%, and its market capitalization reached $505.24 billion in the past 24 hours.
Some analysts believe that Bitcoin's four-year cyclical growth pattern remains significant, but the cryptocurrency market is subject to various factors that could affect its price movements. They suggest that Bitcoin might attempt to break above $36,000 before the end of 2023.
A report by JPMorgan Chase forecast "limited downside" for the crypto market as losses slow. The report noted a decrease in the number of unsettled Bitcoin-linked futures contracts, indicating a potential slowdown in downward price movement.
Ether, the second-largest cryptocurrency, gained 0.31% in the past 24 hours, reaching $1,646. However, it posted a weekly loss of 1.24%.
The cryptocurrency market continues to trade sideways, with cautious sentiment prevailing. Trading volumes have declined significantly, reflecting caution among investors due to the lack of regulatory clarity, particularly in the United States.
Most of the top 10 non-stablecoin cryptocurrencies recorded gains in the past 24 hours, except Solana and Tron. Polkadot led the gains, rising by 2.97% and gaining 3.32% for the week.
The total cryptocurrency market capitalization reached $1.05 trillion, with a 0.33% gain in the past 24 hours. Market volume also increased by 27.29% to $24.05 billion.
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