The second largest cryptocurrency Ether had a loss of about 2.70 percent. On the publishing this report, the price of the Ether on the International Crypto Exchange Binance was around $ 3,211. Other declining cryptocurrency included Tether, Cardano, Polkadot, Chainlink, Near Protocol and Cronos. In the last one day, Crypto’s market capitalization fell by about 2.60 percent to about 3.56 million million dollars.
Market analysts say that the price of bitcoin can be traded in a range by the Federal Reserve meeting later this month. The major support for this most popular cryptocurrency is $ 1,01,300 and the next resistance is at $ 1,06,700. Regulatory framework will be prepared for cryptocurrency in the US. During his election campaign, Trump indicated that Bitcoin’s reserve and a policy in favor of Crypto. However, the Federal Reserve disagreed over the plan to create a reserve of bitcoin.
Recently, Bitcoin set up a high level of over $ 1,09,200. However, this market declined due to no mention of Crypto in the first address after Trump became president earlier this week. The US Securities and Exchange Commission (SEC) has stated that a task force has been formed with the objective of creating a regulatory framework for cryptocurrency. The previous US government took action against many firms associated with Crypto by alleging violation of rules. These firms included coinbase and kraken. However, these firms had misunderstood the allegations of violation of rules. Institutional investors have increased interest in this segment. Software maker Microstrategy has bought a large number of bitcoin in the last few weeks. The company has purchased around 11,000 bitcoins for about $ 1.1 billion in the week ended January 19. This is a large number of bite of bitcoins in the 11th consecutive week of microstrate.
