Crypto Market Update: Bitcoin, Ether Down Amid Rise in Value of Stablecoins

The crypto market experienced a mixed bag of results on Friday, with Bitcoin and Ether both seeing a slight decrease in value. Bitcoin, the world’s most widely used cryptocurrency, recorded a loss of 0.37 percent, trading at $29,200. Ether, the second-most valued cryptocurrency, also registered a loss of 0.40 percent, currently trading at $1,860. Scroll up and know more in detail.


The recent volatility in Bitcoin’s value can be attributed to various factors. While the market has been relatively stagnant in recent days, the US government’s decision to raise interest rates once again has had an impact on the cryptocurrency’s movement. Additionally, news of the Bank of Japan considering changes to its yield curve control policy has also affected the market. If Bitcoin fails to surpass the resistance level of $29,300, further downward movement may be expected.

The dip in prices was not limited to BTC and ETH. Other cryptocurrencies such as Cosmos, Monero, and Elrond also experienced price dips, causing the overall valuation of the crypto market to slip by 0.61 percent in the last 24 hours. Despite these fluctuations, the fear and greed index remains in the neutral zone with a score of 52/100, indicating a balance between optimism and caution among investors. In contrast to the decline in Bitcoin and Ether prices, stablecoins have been trading in profits. Tether, USD Coin, and Binance USD have all seen positive growth. Additionally, Binance Coin, Cardano, Solana, Tron, Stellar, and Chainlink have managed to generate small gains.

In related news, the US House Agriculture Committee has advanced the Financial Innovation Technology for the 21st Century Act. This proposed bill aims to establish a federal regulatory framework for cryptocurrencies in the United States. If approved, it would grant the Commodity Futures Trading Commission (CFTC) primary regulatory authority over crypto exchanges and other trading platforms. The bill will now proceed to the full House of Representatives for further consideration and a final vote.

The crypto market has experienced a mix of ups and downs in recent days. While Bitcoin and Ether prices have seen a slight decrease, stablecoins, and certain other cryptocurrencies have managed to generate profits. The US government’s decision to raise interest rates, along with news of potential changes to Japan’s yield curve control policy, has contributed to the market’s volatility. Additionally, the advancement of the Financial Innovation Technology for the 21st Century Act in the US top the ongoing efforts to establish regulatory clarity in the crypto space.