Bitcoin and Ethereum continue rally on UK digital currency regulation hopes

The positivity echoed around most of the crypto world, with 95 of the top 100 edging higher on Monday morning

Cryptocurrencies looked set for their 13th consecutive green day on growing optimism that the UK will soon begin regulating the market, which will decrease the risk of holding digital currencies.

Naeem Aslam, Avatrade chief market analyst, said: The British Finance Minister Rishi Sunak is finally going to make an announcement this week or the next to announce a new regulatory regime for cryptos.

Institutions have only adopted Bitcoin and other cryptocurrencies because they like that this space is getting more regulated, [which] provides a safety net for consumers and lowers the chances of sham projects hitting the market.

The king of digital currencies rose 5.0% to US$46,919 as momentum continued to be picked up.

In terms of price action, watch the Bitcoin making its way towards the 50K price level, and once this resistance is broken, we are highly likely to see serious upward momentum, Aslam added.

Its closest rival by market value, Ethereum, slightly outpaced its bigger cousin and gained 5.3% to US$3,317.

The positivity echoed around most of the crypto world, with 95 of the top 100 digital currencies edging higher on Monday morning.

Solana, Avalanche and Polkadot climbed 7.1%, 5.7% and 7.3% respectively, while doggy meme-coins Dogecoin and Shiba Inu advanced 5.8% and 6.6%.

Outside of the big 20, VeChain, Internet Computer and Filecoin surged 18%, 15% and 26% respectively and were the most notable risers in the leading 50.

The five fallers were all in the red by less than 1%, with Waves, which fell 0.8%, being the crypto to slip the most amongst the popular digital currencies.