How is Bitcoin regulated in the United States?
Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.
How the Fab Five Fared
Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 0.56%. Out of the aforementioned five, Ethereum gave investors the best daily return; it was up 1.18%, which has its price now near $187.09 USD. In terms of the worst performer, that would be XRP, which reported a day-over-day return of -0.7% — a move that puts its price around $0.273627 USD. Out of the five coins observed here, four cryptocurrencies were up — which is a bullish sign for the sector as a whole.
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Price Action to Watch
Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Technical traders may also wish to note the following developments in price action:
- Seeking momentum? Litecoin has been in a clear uptrend for the past two weeks.
- Currencies without a clear trend over the past two weeks are Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
- Currencies in clear downtrend over the past two weeks are XRP and Bitcoin. If you prefer bear markets, they might be up your alley.
- Bitcoin and Ethereum may be worth keeping an eye on, as they are getting quite close to their respective 20-day moving average. Crossing the 20 day average with conviction often accelerates a trend, according to some technical traders.
Insights From Transaction Data
Ripple recorded 1,131,136 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 59% over Ethereum, which had the second most transactions recorded on its chain. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $87,643,576 US dollars. The circulating value of all Bitcoins now comes in at approximately $158.4 billion US dollars — which means Bitcoin accounts for about 65.7% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in a downtrend, stepping between 65.7% to 67.15% over the past two weeks.