Bitcoin trades at $62,000 level amid regulatory scrutiny in the US

Meanwhile, and other alternative have mirrored Bitcoin's trajectory. Ethereum, priced at $3,000, exhibits support at $2,900 and resistance at $3,100, hinting at a potential recovery if it breaches the resistance level.

In a notable development, the Bitcoin network has surpassed 1 billion transactions, marking a significant milestone since its inception in 2009 with the creation of its genesis block. This surge in activity can be attributed in part to the emergence of innovative Bitcoin-based non-fungible token (NFT) protocols like and , which have drawn more users into the world's pioneering blockchain ecosystem. Additionally, the introduction of in the US, and more recently in , has bolstered a bullish sentiment surrounding the token over the past year.

The approval of Bitcoin and spot ETFs by the signals a broader acceptance of such financial products across Asia's financial markets, solidifying Hong Kong's status as an innovative financial hub. This move could potentially influence China's stance towards cryptocurrencies. Concurrently, the Australian Stock Exchange is poised to greenlight spot Bitcoin ETFs by year-end, further expanding the accessibility and legitimacy of crypto investment vehicles.

During bull markets, there a lot of scams too. need to exercise utmost caution. As such, investors need to conduct thorough research, scrutinize investment opportunities, and remain vigilant against suspicious offers or promises of unrealistic returns. In this landscape, due diligence is not just advisable; it's essential for safeguarding one's assets and navigating the with prudence and discernment.

Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:

As per prices on Friday.

Top 5 crypto gainers during the week:

1. Render is up by 48%

2. Akash Network is up by 40%

3. AIOZ Network is up by 32%

4. THORChain is up by 28%

5. Toncoin is up by 27%

Top 5 crypto losers this week:

1. Wormhole is down by 16%

2. Core is down by 13%

3. Helium is down by 11%

4. Optimism is down by 8%
5. Lido DAO is down by 8%

Edul Patel is CEO & Co-founder of Mudrex, a Global Crypto Investment Platform.

Source: Forex-Markets-Economic Times