The global crypto market capitalization gained 6.89% within the past day, hovering near $1.83 trillion at this writing. Meanwhile, the total crypto market volume surged 6.79% to $91.91 billion.
The crypto market traded with gains today, ahead of the highly-anticipated executive order by Joe Biden, the United States President. Market players awaited the executive order to outline the nation’s approach to crypto regulation. Nevertheless, the Russia-Ukraine war capped upside.
Excluding the meme token Shiba Inu, leading assets in the crypto space were higher on Wednesday. Terra gained 17%, leading the altcoin rally. Meanwhile, Bitcoin climbed past the $41.5K level after an 8.5% overnight gain. Also, ETH’s 7.9% upswing had its changing hands around $2,719.07.
Upside price movements in the cryptocurrency spectrum had the global crypto market value rallying by 6.89% to $1.83 trillion. Moreover, the total crypto trading volume saw a 6.79% surge to $91.91 billion.
Expert Viewpoint
WazirX Trade Desk believe industry regulation divides member within the crypto community. The expert trusts Biden’s executive order means a lucrative step towards crypto regulation. The pro-regulation side expects increased investor protection, reduced tax evasion, and money laundering.
That would likely attract investments from conservative investors. Meanwhile, the group against crypto regulations believes the move is against the crypto spirit, and governments might conclude bad decisions because of limited knowledge about the space, hindering innovation.
It added that the United States government declared Joe Biden would sign the crypto regulation executive order in the upcoming few days. That came as experts pointed out a possible use of crypto by the Russian government to evade imposed sanctions.
Tech View
Ripple’s Relative Strength Index shows weakened confidence, translating to somehow muted and minor intraday upticks of 1-5%. Experts expect the gains to climb by $0.75 or more. Meanwhile, XRP price movements highlight a bullish squeeze, pushed against the $0.76 ceiling. Breaking past $0.78 might see Ripple on a rapid more to $0.84.
Meanwhile, a break to $0.70 will see bears adding short positions. That would rely on the current market movement intensity. Also, bears will attempt to capture bulls before squeezing them out. That way, XRP can dip towards $0.65 or $0.62.