Bitcoin, Ether, and XRP Rebound as UK Appoints New Economic Secretary to Oversee Digital Assets

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.