Crypto market continues to surge with BTC trading above $34,000

Crypto market overview: The crypto market has slightly pushed up in the last 24 hours, with the global crypto market cap rising by 0.5 per cent to continue being above $1.3 trillion. The top 40 cryptos by market cap seem to be in the green.

BTC seems to be consolidating within a short range of $34,000 - $34,800. However, given its recent price rally, short-term BTC holders (less than 155 days) are participating in one of the strongest profit-taking events in the past couple of years. 

Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, talked to Republic sharing his views on the crypto market movement in the last 24 hours. “On the crypto regulations front, the UK government has released its final crypto regulation rules, revealing a phased approach. Legislation for fiat-backed stablecoins will be introduced early next year. Other crypto areas will follow after.” 

UK confirms intent to regulate crypto

CoinDCX Research Team also shared their insights with Republic. CoinDCX said, “Crypto funds experienced their most substantial weekly inflow since July 2022, attracting over $326 million, as indicated by CoinShares data. Bitcoin-based funds took the lion's share, securing 90 per cent of the total inflow, which amounted to $296 million.”

“In a significant development, the UK government has officially confirmed its intention to regulate the cryptocurrency industry. It outlined its plans in a consultation paper, with the goal of implementing formal legislation for crypto activities by 2024,” CoinDCX added sharing the update. 

Rajagopal Menon, Vice President, WazirX, talked about the meme coin surge in the last 24 hours. Menon said,  “Meme coins, with PepeCoin as a standout example, have surged significantly, doubling in value. Meanwhile, Bitcoin remains prominent, with its price hovering around $35,000.”

“Additionally, Ethereum has shown strength, breaching the $1,800 mark. This overall positive trend is in part fueled by growing optimism regarding the SEC's potential approval of the first U.S. Bitcoin ETF, signalling the potential for greater cryptocurrency adoption,” added Menon. 

FOMC meeting awaited

Sudeep Saxena, Co-Founder, Coin Gabbar, also talked to Republic to share his views on the market conditions today. Saxena said, “On Monday, Bitcoin exhibited minimal price fluctuations, maintaining its support level at $34,000 after an uneventful weekend. Investors are eagerly anticipating the week ahead, as the Federal Open Market Committee (FOMC) is scheduled to convene and deliberate on the forthcoming interest rate decision in the United States.” 

Edul Patel, Co-Founder and CEO, Mudrex said, “Bitcoin has been trading around the $34,300 level in the last 24 hours as market participants cautiously await the US Fed’s decision on Wednesday about interest rates. To keep up the upward momentum, Bitcoin will need to breach the $34,700 resistance or risk finding support around $34,000.  Interestingly, Today marks 15 years since the Bitcoin whitepaper came out. Bitcoin’s price has risen by over 108 per cent since the beginning of 2023.” 

Crypto price prediction

While talking to Repblic about the factors that can potentially affect the crypto price movement in the coming days, Vikram Subburaj, CEO, Giottus, shared his insights. Subburaj said, “Bitcoin continues to hold the $34,000 level and is making a renewed push towards $34,500, the next resistance level it must overcome. Having registered significant gains in October so far (up 27 per cent), the leading crypto asset is heading into a golden cross this week (where the 50-day moving average crosses above its 200-day moving average). Weeks post the golden cross typically propel an asset into bullish price action though an immediate short-term pullback can happen. BTC needs to hold a $33,200 level to aim for the next leg up. 

“We anticipate a volatile couple of days as these play out,” added Subburaj.