The crypto market saw a dramatic recovery after a day of losses, with traders likely driving sentiments with the new US crypto bills in circulation.
Bitcoin has risen in the last 24 hours, recovering its earlier losses with the move. The mini-rally could be attributed to the US crypto bills proposed by US lawmakers recently. Even though bearish signals pulled BTC down, the rising sentiments around the crypto bills have provided a short respite.
The sell-offs at the beginning of the week were also due to legal issues cropping up in the US again. Experts believe the absence of a regulatory framework has led to such hurdles. The same was echoed by the crypto industry as well. With Europe and other Asian countries progressing with crypto laws, the US is lagging behind.
With improving signs, crypto tokens like ETH, Cardano, and Solana saw a rising trading graph. Bitcoin also increased its market cap, breezing through $575 billion. The global crypto market cap has also increased by about 2%. The market also registered an increase in volume with rising buying trends.
BTC also shot past $30000 for a short while but has settled below the mark. It could surpass the level on a consolidated stance in the present week and register a new resistance level.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29400 on August 2, 2023, with BTC/USD going up by 1.8% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (29,893.91) as BTC’s 24-hour volume increased to around $20 billion. Bitcoin has seen around 77.64% returns on a year-to-date basis.