Investors will be hoping that the digital token can push on further to the $40,000 resistance level Bitcoin and Ethereum bucked the trend, ending fiv
Investors will be hoping that the digital token can push on further to the $40,000 resistance level
Bitcoin and Ethereum bucked the trend, ending five days of consecutive losses as markets seemingly awaken to the news that the European Union voted against banning Bitcoin mining.
Marcus Sotiriou, an analyst at GlobalBlock adds the EU’s decision paves the “way for future crypto regulation- this is a huge relief for the industry.”
The largest coin by market cap climbed 2.71% to US$39,432, moving away from the key US$38,000 support level it has been flirting with over the last week.
Investors will be hoping that the digital token can push on further to the $40,000 resistance level.
Ethereum was also up 4.40% to US$2.639.
Sotiriou adds that further regulatory developments in the Middle East announced earlier this week “show the support that crypto is receiving around the globe, as the industry is proving itself to be an unstoppable force towards mainstream adoption in the long term.”
In other news, Afghan citizens are turning to crypto in the midst of US sanctions, failing banks and a drying up of foreign aid since the Taliban regained control of the country.
Data from Chainanalysis, the crypto analytics firm, showed that the use of crypto rose sharply since the takeover in August 2021.
Afghanistan now ranks 20 out of 154 countries for crypto adoption, where just a year before, the presence of digital currency was so minimal it was excluded from the ranking entirely.
In some of the altcoins, Solana was up 3.12% to US$82.34, Avalanche was up 3.30% to US$69.07 and Polkadot rose 4.46% to US$18.14.
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