The current state of the crypto market shows a mix of positive and cautious trends. Here are some key updates:
*Market Performance:
- *Bitcoin*: Trading at $118,000, with a slight increase of 0.28% over the past 24 hours. Analysts expect it to consolidate before testing $120,000 again.
- *Ethereum*: Surpassed the $3,600 mark, currently trading at $3,600.46, reflecting a 2.59% increase. Strong momentum is driven by record ETF inflows and growing interest in DeFi platforms.
- *Altcoins*: Showing signs of a seasonal shift, with Ethereum, XRP, BNB, and Solana advancing 4-5%. XRP surged to $3.50, boosted by Republican support for the CLARITY Act and Ripple's USD stablecoin launch.¹ ² ³
*Market Sentiment:*
- Funding rates across major exchanges reflect a neutral stance, indicating neither bullish nor bearish sentiment.
- Investors are watching closely for potential market shifts, with some warning against new token investments until the market stabilizes.
*Regulatory Developments:*
- The US House has passed stablecoin legislation, sending the bill to the President, which could impact the crypto industry.
- Mastercard supports stablecoins for faster, lower-cost cross-border payments, while the SEC explores exemptions for asset tokenization.⁴
*Other Notable Updates:*
- *NFT Market*: Experienced a 29% increase in transactions, totaling $159.6 million, driven by growing interest in digital art and collectibles.
- *Institutional Investment*: BlackRock's IBIT saw significant inflows, driving the US Bitcoin spot ETF's net inflow to $2.386 billion this week.
$ETH $BNB #PHBRising $1000X