On Monday, December 21, the largest cryptocurrency by market cap continues to surge to new record highs. As of press time, bitcoin (EXANTE: Bitcoin) is trading at $23,864 (+1.43%).
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Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has declined to $644 (-1.25%). XRP also dropped by -3.15% and is now trading at $0.560. The total cryptocurrency market cap is over $673 billion.
FxPro's team of analysts say that technical indicators temporarily ceased to influence the market due to the high positive impact of institutional demand, as well as retail FOMO, pushing the entire market up.
"However, after repeated updating of historical highs, one can still expect a correction and another increase in volatility, but what is really important now is keeping the bitcoin price above $20,000," they added.
In the meantime, the US Financial Crimes Enforcement Network (FinCEN) is taking one step closer to towards tightening the cryptocurrency market. The new proposal published by FinCEN includes not only tracking transactions, but also identifying unhosted digital wallets. FinCEN is proposing to adopt these requirements pursuantto the Bank Secrecy Act.
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