The cryptocurrency market started this week with a strong bullish impulse. Bitcoin rose by more than 6%:
GlobalBlock's analyst Marcus Sotiriou said that although strong US employment numbers could mean a more hawkish stance from the Fed in March, market participants still admire the strength of the labor market.
The analyst pointed out that Bitcoin passed two similar downward trends on the RSI last year, resulting in incredible rallies. So, the first cryptocurrency potentially portends growth.
On Monday, the confident dynamics of Bitcoin followed Friday's rally by 11%, which was the largest one-day increase in the cryptocurrency since mid-June last year.
During the recent sell-off, US Senator Ted Cruz bought bitcoins as a positive step in the field of cryptocurrency. According to the financial disclosure, the popular cryptocurrency was bought on January 25 between $15,001 and $50,000.
On Friday, Senator Ted Cruz said he bought Bitcoin because he sees the huge potential of cryptocurrency and its mining. Nevertheless, he did not forget to warn about the likely possibility that Congress could mess things up since they don't understand what Bitcoin is, but they still try to regulate it. Regulation is the biggest risk for Bitcoin. This month, the Biden administration may release a report clarifying the regulation of cryptocurrencies.
In other crypto-related news, major players in the digital asset space, including Coinbase, Circle, Anchorage Digital, and Huobi Global, are forming a new coalition, intending to eradicate market manipulation.
This coalition should harmonize the standards of financial integrity since honesty is the main engine of the industry's progress in terms of innovation and the creation of infrastructure that will be able to provide everyone with access to financial resources.