On 29 September, Switzerland’s financial advisor declared the nation’s initial fund that focuses on cryptocurrencies.
BTC, the leading digital asset, gained nearly 1.4%, hovering at $42,968 while writing these lines. That was after it toppled $43,000 before retracing. At the same time, BTC tanked 1.24% over the past seven days. However, recent positive news might support BTC’s uptrends as its market cap stands around $809 billion.
The recent reports by Reuters about Switzerland’s interest to explore digital assets boosted the crypto’s mood. The reports suggest that the country will restrict crypto to qualified individuals. Moreover, Switzerland will categorize virtual as alternative savings.
Meanwhile, most cryptocurrencies saw range-bound actions in the past 24 hours. Bitcoin still hovered near the $41.5K price zone. Ethereum mimicked Bitcoin actions. BNB, the native coin by the renowned crypto exchange Binance, has been the best performer over the previous 48 hours. The alt trades at $373 while publishing this article.
The crypto market remains shaky as BTC’s dominance rose. With that, the current Bitcoin condition might not be welcoming for long positions. Bears appear alert for any chance to take the market down. However, altcoins might see bullish actions in the coming days.
The global crypto market rose past $1.85 trillion as the overall traded volume surged by over 1.5% in the last 24 hours. The leading alt, Ethereum, trades at $2,955 after gaining 1.42%. Meanwhile, ETH remains 3. 7% lower over the past week.
Ethereum moved in a range-bound over the past few days with its consolidating attitude as buyers and sellers continue to battle. The pessimism in the overall market had investors cautious as most of them appear to trim their holdings in the current dip.
China’s recent crackdown on crypto affected ETH as it declined by almost 14% following the announcement. However, the 2nd leading cryptocurrency has its current price on a recovery mode. ZebPay Trade Desk believes the reduced Ethereum institutional flow to be near term since it resulted from the sudden volatility and uncertainty.
Cardano trades around $$2.08 after losing more than 2% of its value in 24 hours.
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