In today’s cryptocurrency update, the market begins on a downward trend, with most cryptocurrencies suffering losses, except for Tether, which rose slightly by 0.3%. Bitcoin is down over 4%, trading just above $11,000, while Bitcoin Cash has experienced the most significant drop, plummeting more than 9%. Experts speculate on Bitcoin’s potential to reach $12,000 by year-end, pointing to increased market demand and favorable conditions from financial regulators who are inflating the money supply.
Ethereum is showing signs of recovery, breaking a two-year high, driven by positive sentiment surrounding DeFi projects and its price reaching above $470. Meanwhile, South Korea’s largest exchange, Bithumb, faces police investigations over fraud allegations involving unscheduled token sales, which has negatively impacted Bitcoin futures open interest.
Further developments include Amazon’s entrance into India’s investment and insurance market and the potential for a new hard fork in Bitcoin Cash. The overall market capitalization share of Bitcoin has dipped below 58%, indicating a growing trend toward DeFi and Ethereum. Finally, a new decentralized exchange protocol aims to facilitate liquidity for Bitcoin without requiring cross-chain transfers.
