BTC, ETH, XRP Price Surge

Crypto Chronicles May 2024: The Reason Behind BTC, ETH, XRP Price Surge

Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestone

Bitcoin price acquired more than 8% and surged above $70,000. BTC is currently consolidating gains and exhibiting indications of additional near-term upside. 

Above the $70,000 resistance area, Bitcoin began a new rise. The hourly outline of the BTC/USD pair has an interfacing bullish pattern line shaping with help at $70,500. If the bears don’t push the pair below $68,800, it could start a new rise. Buy BTC/INR and BTC/USDT in Bitcoiva, the best cryptocurrency Exchange in India.

The price of Bitcoin established a base above $66,500. After Ethereum revitalized above $3,200, BTC began a new increment over the $68,000 resistance zone. 

There were severe strength areas over the $70,000 resistance zone. The cost acquired more than 8% and, surprisingly, tried the $72,000 resistance zone. At $71,896, a new weekly high was established, and the price is currently consolidating gains.

The price is well over the 23.6% Fibonacci retracement level of the upward move from the $66,047 swing low to the $71,896 high. Additionally, Bitcoin trades above the 100-hourly Simple moving average and $79,000. In addition, the BTC/USD pair’s hourly chart shows a connecting bullish trend chart with support at $70,500.

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In Q1 2024, XRPL on-chain transactions rise by 108 percent:

The XRP Ledger recorded 251.39 million on-chain transactions during the primary quarter of 2024, an increase of approximately 108% over the final quarter of 2023. Buy XRP/INR and XRP/USDT in Bitcoiva, the Top cryptocurrency Exchange in India.

The number of exchanges on the XRP record (XRPL) more than doubled from the final quarter of 2023 to the end of the first quarter of 2024, and the average transaction cost almost halved, according to Ripple’s Q1 2024 XRP Markets Report.

According to the report published on May 17, the XRPL on-chain transaction activity increased by 108% during Q1 of 2024, with approximately 251.39 million recorded, compared to 121.03 million in Q4 of 2023.

Visit: What is XRP? How To Buy XRP in India 2024?

Ethereum surges 18% amid speculation that the SEC will approve spot ETFs:

The value of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has increased nearly 18% against the U.S. dollar due to speculation that the U.S. Securities and Exchange Commission (SEC) might approve some spot ether exchange-traded funds (ETFs). Buy ETH/INR and ETH/USDT in Bitcoiva, the Best Crypto Trading Platform in India.

On Monday, Ethereum (ETH) reached an intraday peak of $3,691 amid swirling social media and forum rumors about the potential SEC approval of several spot ETH ETFs. According to a report by Coindesk, three sources told Coindesk that the distribution trades were supposedly educated by the SEC to refresh their 19b-4 filings “on an accelerated basis.”

Moreover, Bloomberg examiners Eric Balchunas and James Seyffart raised their endorsement forecasts from 25% to 75%. ETH encountered a significant increment following the speculation, moving from $3,140 at 3 p.m. Eastern Time (EDT) on May 20 to a high of $3,691 per coin by 6:30 p.m. EDT. THE ETH 

Indian Finance Minister Calls for Global Consensus on Crypto Regulation:

Indian Finance Minister Nirmala Sitharaman advocates for worldwide agreement on cryptocurrency guidelines, featuring the requirement for global participation, especially inside the G20. She noticed that while Indian controllers have contrasting suppositions regarding how to treat crypto, there is no massive confusion.

Indian Finance Minister on Crypto Regulation:

In an interview with Businessline published on Monday, Indian Finance Minister Nirmala Sitharaman emphasized the need for global consensus regulating cryptocurrencies. She highlighted the significance of worldwide collaboration, particularly inside the G20, to address crypto administrative difficulties. 

Read: Is Cryptocurrencies are legal in India

“Indeed, even before G20 and beginning around 2020, we had conversations about it,” the finance ministry,” Sitharaman India’snse, adding that India’s central bank, the Reserve Bank of India (RBI), “has its view on it.” The finance minister underscored:

“We are very clear that there should be a global understanding of how to regulate crypto.”

Last week, the Securities and Exchange Board of India (SEBI) furnished an administration board with suggestions on crypto resource guidelines, pushing for various controllers to supervise different features of cryptocurrency exchanges. Simultaneously, the Reserve Bank of India likewise presented its view on crypto. The central bank communicated its interests, featuring the macroeconomic risks related to cryptographic forms of money and underscoring issues connected with tax avoidance and monetary security.

India, at present, has yet to have a devoted administrative system for cryptocurrencies. In 2021, an administration board drafted a bill to direct digital resources. However, it still can’t be presented. The Financial Intelligence Unit – India (FIU-IND) screens 47 cryptocurrency-related substances and has, as of late, approved crypto trades Binance and Kucoin as virtual resource specialist co-ops. In March, the Indian finance minister uncovered her assumption that a framework for cryptocurrencies would be created through G20 conversations.