Positive fundamental development in the UK and the US seems to have boosted the prices of the three top cryptocurrencies: Bitcoin, Ether, and XRP.
Three major cryptocurrencies, Bitcoin, Ether, and XRP, have seen a rise in their prices amid positive fundamental developments in the UK and the US. The three tokens staged a rebound in the daily and weekly charts, with XRP leading the resurgence.
Bitcoin was trading at $99,235, up 2% and 5% in the past day and week, respectively. Data from CoinMarketCap also showed that Ether was up 4% (3% in the past week), while XRP added 9% in the daily chart and a substantial 27% in the weekly chart.
However, cumulative trading volume for Bitcoin ETFs fell to $2.23 billion, down sharply from more than $3 billion the day before, according to data from sosovalue.com. The outflows come despite broader market optimism fueled by cooling inflation.
A report from the Bureau of Labor Statistics revealed wholesale inflation rose only 0.2% in December, below economist expectations, contributing to a 1.3% rise in the total crypto market cap to $3.53 trillion.
The inflows, while modest, suggest growing confidence in Ethereum's trajectory. Industry analysts are now watching to see whether this trend continues amid evolving market dynamics.
In the UK, a new Economic Secretary was appointed to oversee digital assets and central bank digital currencies (CBDCs). Emma Reynolds, formerly a managing director at TheCityUK trade body, was chosen for the role. She will replace Tulip Siddiq, who resigned following a scandal involving ties to Bangladesh.
Siddiq had set out the UK's crypto agenda, committing to a regulatory framework similar to the European Union's. Reynolds now inherits this ambitious roadmap, tasked with balancing innovation with regulation.
The Financial Conduct Authority has already laid out plans for a comprehensive crypto regime, but it remains to be seen how Reynolds will approach these policies.
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