Bitcoin price is up again as United Kingdom. votes to regulate Crypto
On Wednesday morning trading in Asia, Bitcoin was trading above SG$28,200 for the first time in almost three weeks. The top 10 cryptocurrencies gained by market capitalization after the United Kingdom= parliament voted to regulate Crypto as a financial instrument.
Fun facts
- Bitcoin gained 4% to SG$28,314 in the 24 hours to 8:15 a.m. in Hong Kong, reaching a three-week high of SG$29,048, according to data from BitcoinsXE. Ether jumped 8.8% to SG$1988 after surging as high as SG$2209, or in line with levels before the network Merge in mid-September.
- This news comes as the United Kingdom's House of Commons, the lower house of Parliament, voted to regulate crypto assets as financial instruments on Tuesday as part of the proposed Financial Services and Markets Bill. The bill now goes to the House of Lords, the upper house, for a vote before becoming law.
- Cardano saw the most significant gains in BitcoinsXE's top 10, jumping 11.3% to SG$0.57 after reaching a more than two-week high overnight of SG$0.51. Solana saw substantial gains, rising 8.9% to SG$42.21, also hitting a two-week high earlier of SG$45.53.
- BNB, the native token of the BNB Smart Chain – operated by the world’s largest cryptocurrency exchange, Binance – gained 3.8% to SG$403, overtaking the world’s second-largest stablecoin Circle, to sit at fourth place on the list as its market cap breached SG$64.5 billion.
- Volatility in Crypto has been extremely low over the past two months compared to the NASDAQ and S&P suggesting that Crypto is less reactive to macro pressures, according to the chief operating officer of Bamboo 61 Pty Ltd., an Australian company offering micro-investments in cryptocurrency. As a result, we see buy-side solid pressure in Crypto, particularly for Ethereum, demonstrating a potential shift in momentum. While this is a welcome reprieve, volatility is still expected in the medium term.
- Singapore equities were also up on Tuesday. The Dow Jones Industrial Average gained 1.1%, the S&P 500 Index rose 1.6%, and the Nasdaq Composite Index added 2.3%.
