Investors are closely watching Bitcoin’s price movement, as the cryptocurrency approaches the $30,000 mark. Simon Peters, an analyst at eToro, has stated that while Bitcoin is currently hovering around the $30,000 mark, but it requires a more substantial boost to achieve its target, CoinDesk said in a report.
Over the weekend, Bitcoin traded between $27,500 and $28,900 and remained relatively flat on Monday, with Ether experiencing a slight decline. Peters has noted that the cryptocurrency market is trending in a comparable direction, as both are heading towards “bull territory.” However, he has also indicated that the short-term prices could be influenced by Significant updates in the US labor market, due this week.
During the Consensus 2023 event, Jenny Johnson, the CEO and President of Franklin Templeton, discussed the development of investment products linked to crypto in a bear market. She highlighted that the crypto industry is gaining growing interest from institutional investors, but operating in a largely unregulated space remains a significant challenge. Johnson stated that focusing on security and education will be crucial for the crypto industry to gain broader acceptance.
In other news, The attempts made by the US government to block Binance.US’s $1 billion acquisition of the assets of bankrupt crypto lender Voyager Digital have progressed. A New York judge has said that the government has a “substantial case on the merits,” and will try to settle the dispute quickly.
In the event of delays, the estate could face a cost of up to $10M per month. While Judge Michael Wiles of US Bankruptcy endorsed the sale last month, Judge Jennifer Rearden temporarily halted the process to consider the government’s objections. Furthermore, The Financial Services Agency of Japan has issued a warning letter to BitForex, Bybit, MEXC Global, and Bitget, foreign crypto exchanges, stating that their activities in the country are in breach of fund settlement laws because they lack proper registration. Additionally, the regulator has emphasized that the previously mentioned unregistered traders list may need to reflect the current status of unregistered businesses accurately.
