Bitcoin (BTC) reclaims $107,000 (approx. ₹92.1 lakh) mark, Ethereum (ETH) also reports upward movement

In a bullish wave sweeping through the global crypto market, Bitcoin surged past the $107,000 (approx. ₹92.1 lakh)

Mumbai, May 21: In a bullish wave rolling through the global crypto market, Bitcoin surged past the $107,000 mark for the first time since January, hitting a new peak of $107,616 on Wednesday.

According to data from CoinMarketCap, Bitcoin climbed nearly 2% in the past 24 hours, currently trading at $107,616 on international exchanges. The Indian crypto scene mirrored the momentum, with BTC retailing at $107,780 on domestic platforms like CoinDCX and CoinSwitch.

Fresh signals from the US Securities and Exchange Commission (SEC) indicating a shift toward friendlier crypto regulation appear to be fuelling the rise.

"The SEC has now signalled a policy shift, committing to clearer, collaborative crypto regulations in a joint statement with federal agencies," said Himanshu Maradiya, Founder and Chairman of CIFDAQ exchange. "This stands in stark contrast to the SEC's previous stance, which often displayed a lack of coordination with other regulatory bodies and created confusion within the industry."

He further added that this renewed openness, alongside growing institutional interest with firms like BlackRock applying for Bitcoin ETFs, bodes well for long-term crypto prospects.

"The stage is set for an interesting second half of the year as we observe how these regulatory changes will unfold and ultimately impact the cryptocurrency market," Maradiya said.

According to technical analysts at ZebPay, ETH is facing resistance near the $2,850 mark.

"If Ethereum breaks past this level with strong volumes, it could rally to $3,000 or even touch $3,350," a report from the ZebPay Trade Desk stated.

On Wednesday, several altcoins also reported an increase in value, with the majority flashing green on the Gadgets 360 crypto tracker. However, some top assets such as Ripple (XRP), Binance Coin (BNB), Cardano (ADA), Chainlink (LINK), and Litecoin (LTC) showed minor losses, adding a note of caution to the otherwise optimistic market tone.

"While structural indicators like the Golden Cross and ascending trendlines suggest a bullish setup, on-chain data hints at short-term overheating with BTC's relative strength index hitting extreme levels not seen since 2024," noted Riya Sehgal, Research Analyst at Delta Exchange.

"The overall sentiment remains cautiously optimistic as the SEC's signals are being closely watched by market participants," Sehgal added.

Meanwhile, decentralised finance (DeFi) platforms are quietly making a comeback.

"As the broader market recovers, we're also seeing interest in DeFi protocols like AAVE heat up again, especially among institutional investors," said Avinash Shekhar, Co-Founder and CEO of Pi42. "This offers compelling opportunities for investors looking to diversify across both legacy coins and emerging assets."

With market sentiment gradually shifting in favour of crypto and institutional support deepening, experts believe this could be the early signs of a sustained rally heading into the second half of the year.