Bitcoin recovered to $109,500 after a correction from a record high
Kyiv • UNN
The cryptocurrency recovered after a correction, reaching $109,457.9 due to profit-taking. Favorable regulatory news in the US and Hong Kong also positively influenced the market.
As of Monday morning, May 26, the value of Bitcoin rose by 1.2% to $109,457.9. This is reported by UNN, with reference to Investing.
Details
After reaching a record high of almost $112,000 on Thursday, the cryptocurrency corrected to $107,000 on Friday due to profit-taking by investors and large transactions by so-called "whales."
IG analysts noted that "minimal resistance at the previous record level of $109,576 indicates extremely strong upward momentum." They also added that the volume of profit-taking was almost half that of when Bitcoin first reached $100,000 in December, indicating continued investor confidence.
Additionally
Favorable regulatory news has a positive impact on the cryptocurrency market. In the US, the Senate has advanced the GENIUS bill, aimed at creating a national innovation system for stablecoins. Meanwhile, on May 21, Hong Kong passed a law introducing licensing for issuers of stablecoins pegged to fiat currencies.
Recall
Earlier this month, Bitcoin reached a new historical maximum, exceeding $111,000, amid optimism about regulatory changes in the US and growing interest from institutional investors. In particular, BlackRock increased its investment in Bitcoin, indicating growing confidence in the cryptocurrency market.