Bitcoin Holds Steady Above $98k as Japan Considers Crypto Reforms

Bitcoin Price Holds Steady Above $98k as Japan's FSA Considers Major Crypto Reforms

The cryptocurrency market has seen a modest recovery today, with the total market capitalization increasing by 2.08% to reach $3.22 trillion. Despite this growth, trading volumes have decreased by 2.21% to $96.3 billion. The Fear & Greed Index currently stands at 37, indicating a cautious sentiment among market participants.

Bitcoin (BTC) has surged by 1.22% on its daily chart, with its price tag now at $98,095.43. The market capitalization of BTC stands at $1.94 trillion, while its intraday trading volume has risen by 10.64% to $36.17 billion. However, market analysts warn that if BTC fails to maintain its $93k support level, a liquidation of nearly $1.3 billion in leveraged long positions could trigger a broader market decline.

Japan's Financial Services Agency (FSA) is planning a significant shift in its approach to cryptocurrency regulations. The agency is considering potential tax cuts and the approval of Bitcoin Spot ETFs, which could position Japan as one of the leading crypto-friendly jurisdictions and further drive institutional interest in digital assets.

Ethereum (ETH) has outperformed Bitcoin today, rallying by 2.53% to $2,695.88. Solana (SOL) and XRP have also posted gains, rising by 1.35% and 3.48%, respectively. The positive momentum in altcoins signals renewed investor confidence, despite ongoing market uncertainty.

Among the top gainers today are FARTCOIN (+35.47% to $0.7003), HNT (+20.51% to $4.15), and RAY (+18.07% to $5.52). On the other hand, the top losers include XCN (-5.50% to $0.0236), XMR (-1.80% to $219.32), and OM (-1.45% to $6.02).