Bitcoin’s (BTC) quick run-up above $40,000 during the early New York trading session Thursday lost momentum midway as traders decided to secure short-term profits. The benchmark cryptocurrency shed up to 12.08% after topping out at $40,440 on Coinbase. It reached an intraday low of $36,410 ahead of the London opening bell on Friday, showcasing upside resilience among traders near the $40,000 level. Technicals and looming regulations Concerns about stricter crypto market regulations have created headwinds for an otherwise choppy but solid Bitcoin price recovery. In retrospect, the BTC/USD exchange rate had crashed to $30,000 on May 19 after news of …

On May 18, Bitcoin (BTC) and the overall cryptocurrency market faced another round of selling as FUD — fear, uncertainty and doubt — impacted investor sentiment after Reuters and various social media outlets reported that China would ban financial institutions and payment companies from providing services related to cryptocurrency transactions. According to these reports, China also issued a warning to several Chinese trade associations about the dangers of cryptocurrency investing. Data from Cointelegraph Markets and TradingView shows that bulls attempted to push the price of Bitcoin back above the $45,000 resistance level on May 18 only to have the price …

Ark Investment Management founder and CEO Cathie Wood said the likelihood that U.S. regulators will approve a Bitcoin exchange-traded fund has gone up under the Biden administration. In an interview with CNBC’s Bob Pisani today, Wood said there were two signs that the Securities and Exchange Commission might be more open to greenlighting a Bitcoin (BTC) exchange-traded fund, or ETF. Under previous administrations, the regulatory body did not approve any Bitcoin ETFs, to the industry’s chagrin. Specifically, the Ark Invest CEO said she was encouraged by Joe Biden’s pick for SEC chair, Gary Gensler. Gensler is known as someone who …

Interoperable blockchain project Ark (ARK) designated one million ARK valued at roughly $150,000 toward its new development grants program on March 24. While the grant program was launched one week ago, Ark’s Strategic Partnerships Manager, Ray Alvarez, told Cointelegraph that it has already received proofs-of-concept from developers. The program exclusively funds “proposals involving technical deployments and usage of [the] ARK technology stack.” The applications include standalone applications and plugins, including development contributing to Ark’s decentralized private messaging application, desktop wallet, and transaction plugins. In addition to sparking development for specific applications, Alvarez states that the program is also intended to …