The past week was a roller coaster ride for the cryptocurrency market. Major cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), and Dogecoin (CRYPTO: DOGE) experienced significant surges, hinting at a potential bullish momentum. Meanwhile, Bitcoin mining costs have seen a sharp increase, causing concern among miners. Amidst these developments, calls for clear regulatory rules for cryptocurrencies have been made by the SEC Chair, Paul Atkins. Here’s a detailed look at these stories.
Bitcoin, Ethereum, XRP, Dogecoin Experience Bullish Momentum
Cryptocurrency markets traded higher over the weekend, with whales continuing their accumulation spree. This activity could potentially fuel the bullish momentum in the market.
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Bitcoin Climbs 12% On The Week
Bitcoin saw a 12% increase over the week, following a familiar crypto cycle pattern of improving sentiment and shifting macro signals. Crypto analyst Alex Wacy noted the cyclical nature of the market, which often takes just a few bullish headlines and a green daily candle to reignite momentum.
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Bitcoin Mining Costs Jump To $137,000 Per Coin
Bitcoin mining expenses rose sharply in the final quarter of 2024, with CoinShares reporting that the total average cost to produce one Bitcoin, including non-cash items, climbed to $137,018. This figure includes depreciation and stock-based compensation, offering a more comprehensive look at the financial stress facing miners despite the strength in Bitcoin’s market price.
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SEC Chair Calls for Clear Crypto Regulations
New SEC Chair Atkins indicated a friendlier approach toward cryptocurrency during his tenure, highlighting the need for a clear regulatory policy to help the industry thrive in the U.S. Atkins emphasized the significance of blockchain technology in modernizing the financial system, predicting it to enhance efficiency, reduce costs, increase transparency, and mitigate risks.
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Senator Buys More Bitcoin ETF Shares
Senator David McCormick (R-PA) has been actively buying shares of the Bitwise Bitcoin ETF BITB and may have taken advantage of a dip in Bitcoin's price during March before the recent rally back to the $95,000 level. McCormick’s total bet on Bitcoin is now in the $375,000 to the $850,000 range since February.
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Read Next:
- Bitcoin, Ethereum, XRP, Dogecoin Surging, But ‘Choppy’ Weekend Could Precede The Next Push
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This story was generated using Benzinga Neuro and edited by Rounak Jain
