Bitcoin, the king of cryptocurrencies, was set for its 14th consecutive day of gains amid growing hope of UK regulation, which is expected to be ann
Bitcoin, the king of cryptocurrencies, was set for its 14th consecutive day of gains amid growing hope of UK regulation, which is expected to be announced or introduced in the coming weeks.
The digital currency world was given another boost on Tuesday as the Canadian Conservative candidate for Prime Minister admitted he wants Bitcoin to be accepted as legal tender in the country.
Canadians need “more financial freedom, [which] includes freedom to own and use crypto, tokens, smart contracts, and decentralised finance,” Pierre Poilievre, PM candidate, said.
Bitcoin rose 1.7% to US$47,668 as it approached the all-important resistance level of US$50,000, which market experts anticipate will ignite a bull run if reached.
“Cryptos are back in the spotlight and it is highly likely that Bitcoin will breach the resistance of 50k this week on the back of the strong upward momentum,” Naeem Aslam, Avatrade chief market analyst, said.
Its closest rival by popularity, Ethereum, was headed for its fourth running green day as it outpaced its bigger cousin and climbed 2.9% to US$3,411.
The second-largest crypto soared almost 40% in the last three weeks, echoing much of the market’s growing impetus.
“The fact that [the] Bitcoin price is going higher is also lifting other crypto assets as well,” Aslam added.
Terra and Shiba Inu were the biggest risers amongst the leading digital currencies, having advanced 9.9% and 5.9% respectively.
Although Waves stole much of the limelight after it skyrocketed 51% to US$48.00.
Most notable to buck the trend and lose value were Algorand, VeChain and Elrond which eased 1.8%, 5.5% and 2.5% lower respectively.
www.proactiveinvestors.com