Last week's boom in the cryptocurrency market took a brief break, but Bitcoin and other digital assets have already resumed their ascent.
With a market capitalization of $544 billion, the price of Bitcoin (BTC) has increased by more than 3% and is presently trading at $28,201 levels.
Ethereum (ETH), XRP, Cardano (ADA), and Dogecoin (DOGE), four other altcoins, have all seen gains of 3% to 4%.
The overall cryptocurrency industry has increased investors' wealth by more than $35 billion.
The cryptocurrency market has recovered just hours after the US Securities and Exchange Commission (SEC) urged investors to exercise caution when making crypto transactions.
The SEC added that companies providing cryptocurrency goods and services might not be abiding by pertinent regulations, like the federal securities laws.
The US SEC has been aggressively pursuing cryptocurrency firms to bring them under its regulatory jurisdiction since the FTX bankruptcy.
Even the major players who have demonstrated a desire to accept the regulatory procedure have not been spared. The SEC issued a Wells Notice to cryptocurrency exchange Coinbase the day prior, threatening legal action in the future over a potential breach of securities laws.
Advancement OF Bitcoin And Crypto
Analysts are optimistic that the price of Bitcoin would increase even after the US Fed issued a 35 basis point rate hike this week, reaching $30,000 and possibly even $35,000 in the future.
As per Cathie Wood of Ark Invest, institutional investors are more likely to turn to Bitcoin as a result of the present financial crisis.
Altcoins continue to be watched by investors along with Bitcoin. Ethereum (ETH), the second-largest cryptocurrency in the world, has been circling around the $1,800 mark.
Also, there is a significant outflow of ETH from cryptocurrency exchange wallets, which is often a bullish sign.
The current support and resistance levels for Ethereum (ETH) are $1780 on the downside and $1850 on the upside, respectively. Above this point, the price of ETH can increase to $2,000 or more.
On their own blockchain networks this year, several altcoins have also experienced a significant amount of transaction activity.