The crypto market capitalization increased to 3.90 trillion USD, recovering after a low of 3.79 trillion USD. Bitcoin’s price rebounded to approximately 118,600 USD, but struggles to overcome the 120,000 USD resistance level amidst a lack of strong market drivers.
Ethereum saw its open interest in the derivatives market reach 40%, indicating growing investor interest. Large companies are leaning towards Ethereum for investment due to its staking potential, suggested by Bernstein.
The SEC is reviewing BlackRock’s staking application for Ethereum in its ETF. Meanwhile, Asian countries are tightening regulations, with South Korea monitoring the market closely and Algeria banning all cryptocurrency transactions.
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