Bitcoin, Ethereum, Dogecoin Trade Flat After Missing Santa Rally — Does The Great Miner Hoard Indicate A Bullish Move For The Apex Coin?

The apex cryptocurrency and other major coins traded flat Sunday evening as the global crypto market cap decreased 0.6% to $2.3 trillion. 

What Happened: Bitcoin BTC/USD was down 0.4% to $50,697.16 over 24 hours at press time. It has risen 8.8% over a seven-day trailing period.

The second-largest coin by market cap, Ethereum ETH/USD traded 0.7% lower at $4,066.47 over 24 hours. It has lost 3.5% of its value over a seven-day trailing period.

Dogecoin DOGE/USD traded 0.8% lower at $0.19 over 24 hours. For the week, the meme coin has spiked 12.15%.

DOGE-rival, Shiba Inu (SHIB), was up 0.7% over 24 hours to $0.000038. It has soared 24.2% over the last seven days.

The top-three gainers over 24 hours were NEAR Protocol (NEAR), Fantom (FTM), and Aave (AAVE) over 24 hours, according to CoinMarketCap data.

NEAR appreciated 7% at $15.85, FTM rose 14.75% to $1.76, and AAVE advanced 13.5% to $220.65 in the period.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Bitcoin traded below the $51,000 levels over the holiday weekend, while Ethereum prices were largely flat as a Santa rally remained elusive.

Over the Christmas weekend, CryptoQuant analyst “venturefounder” noted that BTC miners remain bullish on the cryptocurrency as the miner inventory balance hit a six-month high. 

Miner Inventory Balance — Courtesy CryptoQuant

“Miners own more BTC than when BTC was at $69k, in fact, they added back all the BTC they net distributed since the drop from $69k. Ever since July 1, 2021, [Bitcoin] miners had been net accumulating BTC inventory,” wrote the analyst, on the community-driven analytics platform.

On the regulatory front, Turkey’s President Recep Tayyip Erdoğan is sending a cryptocurrency law to the country’s parliament, according to a report from The Daily Sabah, a local newspaper.

The Turkish government reportedly aims to establish a central custodian bank to eliminate counterparty risk. 

In the United States, Sen. Cynthia Lummis (R-Wyo.) is planning to introduce a comprehensive cryptocurrency bill in 2022. The law aims to create a new regulator body overseen by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to supervise and govern the market.

Over the weekend, MicroStrategy Incorporated MSTR CEO Michael Saylor said that compliant custodial businesses that provide access to the apex coin will earn the most from the digital asset.

"I happen to believe that the custodial public institutions have more opportunity than all of the crypto entrepreneurs do,” said the Bitcoin bull.

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