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Cryptoknowmics 2022-05-24 03:30:11

Crypto Pare Losses – Could This Be Why Bitcoin (BTC) Outperforms?

Bitcoin (BTC) briefly rose above $30,000 on Tuesday, May 17th, extending its trading range for the week. Additionally, most cryptocurrencies appear to be stabilizing alongside stocks, indicating an end to traders’ bearish sentiment. Some alternatives to cryptocurrencies (altcoins) gained momentum on Tuesday, despite a six-month downward trend. Solana’s SOL token increased approximately by 2% in the past few days, compared to a 3% increase for Bitcoin during the same period. If we look from the monthly perspective, it shows that Ethereum (ETH) increased by 35%, and Bitcoin (BTC) increased by 27% over the past month. On the other hand, SOL has decreased by 50%. The Associate Director of Enforcement for the U.S. Treasury Department’s Financial Crimes Enforcement Network, Alessio Evangelista, urged the cryptocurrency industry to block “problematic” wallets on the regulatory front. He made this statement at a conference. Reuters reported that finance officials from the Group of Seven (G-7) large developed economies plan to push for more rapid global crypto regulation. As a result, the traditional stock markets were volatile, while gold, well-known as a haven investment, rose. Meanwhile, about three weeks ago, the U.S. dollar has fallen after reaching its highest level in four years. Could This Be Why Bitcoin (BTC) Outperforms? Bitcoin has outperformed other cryptocurrencies over the past few months, which indicates that traders hav...

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