Crypto News Update: Bitcoin at $98k Amid Regulatory Shifts in Japan
Bitcoin’s price has surged to $98,095.43, with Ethereum also rising to $2,695.88. Japan’s FSA is contemplating regulatory changes, including tax cuts and Bitcoin Spot ETFs. The total crypto market capitalization has increased by 2.08%, reaching $3.22 trillion, though trading volume has dipped.
On February 11, 2025, Bitcoin’s price rose by 1.22%, reaching $98,095.43, while Ethereum saw a gain of 2.53%, landing at $2,695.88. The overall cryptocurrency market has experienced a minor recovery, with its market capitalization increasing by 2.08% to $3.22 trillion, despite a decrease in trading volume by 2.21%, which settled at $96.3 billion. The Fear & Greed Index currently reflects a state of ‘Fear’ with a score of 37, urging caution among investors.
In a significant regulatory shift, Japan’s Financial Services Agency (FSA) is contemplating reforms in its cryptocurrency regulations. These potential changes may include tax reductions and the approval of Bitcoin Spot Exchange-Traded Funds (ETFs). Such movements could reaffirm Japan’s position as a favored destination for cryptocurrency and foster greater institutional engagement in digital assets.
Bitcoin has demonstrated resilience, evidenced by its daily price increase to $98,095.43, contributing to a market capitalization of $1.94 trillion and a 10.64% rise in intraday trading volume to $36.17 billion. However, analysts caution that should Bitcoin fail to maintain its critical support level of $93,000, it may lead to the liquidation of approximately $1.3 billion in leveraged long positions, potentially affecting the entire market.
In the altcoin sector, Ethereum outperformed Bitcoin today, surging 2.53%. Additionally, Solana and XRP recorded gains of 1.35% and 3.48%, respectively. This upward trend in altcoins indicates a rebound in investor confidence, despite ongoing market fluctuations that continue to prompt apprehension among traders.
Top gainers for the day included FARTCOIN, rising by 35.47% to $0.7003, followed by HNT with a gain of 20.51% to $4.15, and RAY increasing by 18.07% to $5.52. Conversely, the top losers included XCN, which decreased by 5.50% to $0.0236, XMR declining by 1.80% to $219.32, and OM dropping by 1.45% to $6.02.
In summary, Bitcoin’s price has maintained a steady rise, while Japan’s FSA is poised to implement crucial regulatory reforms, notably regarding tax cuts and the approval of Bitcoin Spot ETFs. The Fear & Greed Index remains a point of concern, indicating potential caution among traders as altcoins show positive performance. Overall, the market reflects a blend of optimism and caution amid shifting financial landscapes.
Original Source: coinpedia.org
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