Bitcoin continues to recover and stabilize, regaining the level of $ 31,000, after the “lukewarm” weekend, with the largest cryptocurrency on the planet strengthening up to 5.4% on Monday, to $ 31,553.
Ether recorded slightly higher gains, recording an increase of 5.6%, while several more cryptocurrencies are moving upwards, with Solana, Avalanche and Cardano making a “jump” of 11%, as the market climate improves.
“The fundamentals and technicalities of bitcoin are improving in recent days. Although it may be premature for some of the most optimistic investors to talk about the bottom of this widespread decline,” Matti Greenspan, founder, told Bloomberg on Monday. of Quantum Economics.
According to him, the cryptocurrency market could receive an additional boost with the announcement of data on consumer prices in the US later in the week, as if inflation falls there is a significant chance that the Federal Reserve will relax in terms of market conditions. .
Bitcoin has been trading around $ 30,000 for weeks, defying forecasts of a possible further fall but finding it difficult to gain momentum at the same time. That’s because speculative assets such as tech stocks and cryptocurrencies are expected to be hit harder by the US Federal Reserve’s plans to shrink its balance sheet, according to the latest MLIV Pulse survey.
Meanwhile, stablecoins continue to be under the microscope of regulators worldwide, following the collapse of the Terra / Luna ecosystem in May, which further undermined confidence in the digital currency market. The UST algorithm stablecoin trades at $ 0.016, according to CoinGecko data, sinking even lower after losing its connection to the dollar.
Last Friday, Japan became one of the first major economies to introduce a legal framework for stablecoins, following the collapse of the UST. Under the country’s new legal framework, stablecoins should be linked to yen or other legal tender and guarantee holders the right to redemption at face value.
Source: Capital
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