Cryptocurrency markets surge amidst optimism and regulatory anticipation

Bitcoin’s price rose by 1.40% to reach $67,114.00

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KUWAIT CITY, May 21: Cryptocurrency markets experienced a surge in prices, fueled by investor optimism surrounding US monetary policy and anticipation of the Securities and Exchange Commission’s decision regarding Ethereum exchange- traded funds, reports Al-Jarida daily. Bitcoin’s price rose by 1.40 percent to reach $67,114.00; Ethereum climbed by 1.10 percent to $3,103.80, and Ripple saw a 0.44 percent increase to 51.22 cents.

Despite Bitcoin’s recent gains of over 10 percent in the past week, driven by optimism regarding the potential end of the US monetary tightening cycle following a slowdown in annual inflation in April, some traders remain cautious due to the ongoing volatility in the cryptocurrency market this year.

Investors are eagerly awaiting the SEC’s decision on the launch of Ethereum Traded Funds by “Van Eck” and “ARC/21 Shares” on the 23rd and 24th of May, respectively.

Meanwhile, Coinbase secured the top spot on Forbes’ list of the most reliable cryptocurrency platforms, attributed to its high level of regulation despite ongoing civil lawsuits with the SEC. Bitcoin’s recent price surge, now trading above $60,000, has been supported by flows attracted by US exchange-traded funds based on its spot price. These funds, offered by companies like Fidelity and Black- Rock, have injected credibility and confidence into the industry following a series of bankruptcies in 2022, including the collapse of the FTX exchange and the conviction of its founder.

Binance, founded by Zhang Ping Zhao, faced legal scrutiny from US authorities and admitted to violating anti-money laundering laws, resulting in a hefty $4.3 billion compensation payout. Despite remaining the largest cryptocurrency exchange globally, Binance and BitMEX were excluded from this year’s Forbes classification due to their legal issues. Forbes’ list identified the top 20 trustworthy cryptocurrency platforms worldwide, including 7 in the US, 4 in Europe and Japan, and others in South Korea, Singapore, Dubai, and Hong Kong. Notable platforms on the list include Gemini, BitFlyer, Bitstamp, and Fidelity.

This news has been read 643 times!

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