The world’s largest cryptocurrency – by market capitalization – is worth approximately $60k on Thursday as the market calms down following this week’s volatile run. The most popular cryptocurrency has declined by more than 7% over the course of the last week and has retreated from the new record-high near $65,000.

Sore experts have estimated that some of the recent downward pressure are as result of profit taking by short-term players and regulatory crackdown in some of the most developed markets. Long term investors on the other hand seem to be holding on their positions hence are providing slightly significant support to the prices.

The $60,000 level is regarded as a major purchase zone of Bitcoin. If the price settles under this level, it is highly likely that it will prompt more sales, which will bring the price toward the $55,000 support zone. On the other hand, in the case of buyers entering to defend this level, it could be used as the next rally up.

Even after the recent correction, a large part of the market is still bullish about the future of the flagship cryptocurrency. The next halving is due in April 2024, and analysts predict that with a decrease in the rate of newly issued bitcoins, the currency will become more expensive. The targets have been projected to be as high as $100,000 by the end of the year 2024, though one should be very careful while choosing any target related to the market because of its high unpredictability.

Wall street interest in cryptocurrencies has not waned, and several large financial institutions have sought means of extending services within the crypto space. This mainstream adoption is now widely expected to act as a positive catalyst for the rest of the crypto market by providing greater liquidity and maturity in the long run.

In the altcoins, Ethereum, which is the second largest token, has surged to $2400 after testing support at $2395. Speculative sentiment in the broader cryptocurrency market is currently negative, which tends to have a negative influence on Ethereum’s price, despite the fact that some market experts anticipate that Ethereum will experience increased price movement after the subsequent upgrades in the network.

Binance Coin (BNB) – which is an ERC20 token of the Binance exchange – is trading at $ 548 as its price moderated in the last trading session. The break below 200 SMA indicates that traders should focus on important support levels of BNB as they anticipate another breakdown.

At the same time, meme-based cryptocurrencies such as Shiba Inu and PEPE have retained the weekly gains made while other tokens have been declining in value. That they have been able to stand firm in the face of broad market deterioration has come as a surprise to some folks, and that underlines the uncertainty that characterizes these extreme risk illiquids.

The recent fluctuations observed in the cryptocurrency market can be discussed against the background of changes in the legal treatment of this activity in different countries. Despite the industry’s constant expansion, governments and financial regulators face the problem of how to regulate the crypto industry more effectively while maintaining investor protection and financial stability on the one hand and encouraging advancement and the creation of new job opportunities on the other.

In recently released guidelines for enforcing the ICO and virtual currency laws, the SEC takes a central role in the regulation of digital assets in the United States. Ripple Labs is a prime example; other recent legal brawls affecting the crypto market at large include the case users are currently waging against Binance.

Recently, due to the development of the cryptocurrency market, many investors avoid analyzing purely the fluctuation in the price of this or that cryptocurrency and focus on the real value of various blockchain projects. Emerging patterns in DeFi, NFTs, and blockchain game industries are getting attention and funding and form the basis for later crypto innovation.

Moving forward, players in the market will be focusing on economic events and central bank’s actions to better understand the environment out there. Inflation rates, expectations of future interest rates as well as global events that may influence risk onserality unceritment have large effects on risk onser, which directly echoes in the price of cryptocurrencies.

Alphabetically, the investments under consideration are too risky for investors, as the cryptocurrency market usually features a high level of volatility, intensive price fluctuations, and unpredictable shifts. Thus, the appropriate approach to risks that have to be recognized and controlled, a profound analysis of the environment, and the time horizon shall be essential for working in this sphere, which is unstable and in a constant state of development.