While the broader U.S. financial markets take a breather today, the world of cryptocurrencies continues to tick. Bitcoin (BTC-USD) is up marginally by 0.3% to $52,046 at the time of writing. Following a stellar 27% run over the past month, the crypto bellwether has been consolidating at current levels since February 14. Ethereum (ETH-USD) is following a similar technical setup at the $2,900 level, having broken above the $2,800 mark last week. Following the SEC’s approval for spot BTC ETFs, other major markets seem to be slowly warming up to cryptos.
According to the Block, the Japanese cabinet could allow domestic investment limited partnerships (LPs) to acquire or hold cryptocurrencies. This move could allow venture capital firms to pour money into crypto-focused projects. The bill will now go for deliberation by the country’s legislative body.
In the near term, the Bitcoin halving in April and regulatory action around ETH ETFs in May remain key catalysts for cryptocurrency prices. Meanwhile, BTC is now hovering at levels last seen in December 2021. Despite a price gain of nearly 111% over the past year, BTC still remains nearly 7% lower over the past three years.
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