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<p>The post <a href="https://coinpedia.org/news/crypto-market-surge-bitcoin-rebounds-amid-whale-accumulation-and-regulatory-updates/">Crypto Market Surges on Regulatory Relief and Whale Activity</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Get ready for liftoff! The cryptocurrency market has shown a notable 1 percent surge in the past 24 hours, reaching approximately $2.54 trillion during Thursday’s London session. This upward movement has been driven by intensified on-chain activity, primarily involving whale traders, contributing to Bitcoin’s price bouncing back above $65,000 to hover around $65,834 at the time of reporting.</p> 
<h2 class="wp-block-heading" id="h-change-in-crypto-regulatory-scope">Change in Crypto Regulatory Scope</h2> 
<p>In a significant turn of events, the cryptocurrency market turned bullish following pivotal regulatory decisions. The United States Securities and Exchange Commission (SEC) concluded its lengthy <a href="https://coinpedia.org/news/sec-closes-ethereum-investigation-affirms-eth-as-commodity/#:~:text=In%20a%20landmark%20decision%2C%20the,of%20Ethereum%20ETFs%20in%20May." target="_blank" rel="noreferrer noopener">investigations into Ethereum</a>, signaling a favorable outcome for the second-largest cryptocurrency by market cap. Furthermore, the SEC’s move to seek a $102.6 million fine in the Ripple lawsuit suggests nearing closure on another longstanding legal front.</p> 
<p>India, emerging as a pivotal hub for crypto and web3 innovation, has intensified regulatory oversight. <a href="https://coinpedia.org/exchange/binance-review/" target="_blank" rel="noreferrer noopener">Binance</a>, a prominent exchange, has faced a $2.2 million fine for breaching anti-money laundering regulations, underscoring India’s commitment to clear guidelines despite earlier uncertainty.</p> 
<h2 class="wp-block-heading" id="h-whales-continue-accumulating">Whales Continue Accumulating</h2> 
<p>According to Santiment, a leading on-chain data analysis firm, sentiment around Bitcoin has been marked by prolonged negativity and fear over the past four weeks. However, amidst this cautious sentiment, large investors have been steadily accumulating Bitcoin in anticipation of an impending market rebound.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1fae3.png" alt="🫣" class="wp-smiley" style="height: 1em; max-height: 1em;"> The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient. <a href="https://t.co/WMy3lbdjEB">pic.twitter.com/WMy3lbdjEB</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1803680972627648552?ref_src=twsrc%5Etfw">June 20, 2024</a>
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<p>Recent data reveals a significant purchase by a single whale, acquiring 6,070 Bitcoins valued at approximately $395 million. In contrast, retail trading volumes for Bitcoin have shown a decline in recent weeks, reflecting cautious retail sentiment.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> BREAKING <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">&nbsp;<br>&nbsp;<br>A GIANT WHALE BOUGHT 6,070 BTC<br>WORTH $395 MILLION IN RECENT <br>BTC PRICE DROP<br>&nbsp;<br>THIS WHALE HAS MADE OVER $1B IN <br>PROFITS FROM BTC BY BUYING LOW <br>AND SELLING HIGH.<br><br>BULLS WINNING <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/pjdB6DYr2h">pic.twitter.com/pjdB6DYr2h</a></p>— Ash Crypto (@Ashcryptoreal) <a href="https://twitter.com/Ashcryptoreal/status/1803706195275886917?ref_src=twsrc%5Etfw">June 20, 2024</a>
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<h2 class="wp-block-heading" id="h-is-the-correction-over">Is the Correction Over?</h2> 
<p>From a technical perspective, analysts caution that Bitcoin’s price trajectory remains precarious until it consistently closes above the $67,000 mark on higher time charts. Notably, outflows from US-based spot <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin ETFs</a> continue to exert selling pressure on the flagship cryptocurrency.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> has dropped below the +0.5σ MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. <a href="https://t.co/zZvswgpUpS">pic.twitter.com/zZvswgpUpS</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1803420971576987844?ref_src=twsrc%5Etfw">June 19, 2024</a>
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<p>Renowned crypto analyst Ali Martinez has suggested a potential bearish trend for Bitcoin, projecting a downside towards $54,930 based on the Market Value to Realized Value (MVRV) indicator.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/regulatory-shifts-secs-new-stance-on-ethereum-and-spot-etfs/">Crypto-1, SEC-0! Ethereum 2.0 Investigation Dropped After Consensys Lawsuit</a></p> 
<p><strong>Thinking of following the whales and buying Bitcoin? Do your own research first and never invest more than you can afford to lose!</strong></p>

Crypto Market Surges on Regulatory Relief and Whale Activity

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