Bitcoin Wobbly Ahead Of Key U.S. Data Release
By Laxmikant Khanvilkar
Bitcoin, the largest cryptocurrency by market value, is struggling to hold the psychological level of $28,000 as wary investors turned cautious ahead of key U.S. macro-economic indicators release later today. After reaching an intraday high of $29,100 on Wednesday, Bitcoin has since retreated. Contracts on the tech-heavy Nasdaq 100 advanced 0.4% after a rally on Wednesday to enter into a bull market for the first time in nearly three years.
Ethereum (ETH), the second largest cryptocurrency by market value, is hovering at $1,800 mark.
The cryptocurrency market cap has decreased by 1.26% to $1.17 tn in the last 24 hours. Total market volume has risen 7.74% to $50.81 bn, which includes a portion of $5.27 bn (10.38%) in decentralized finance (DeFi) and $45.05 bn (88.65%) in stablecoins. Bitcoin’s market dominance has decreased 0.22% to 46.17%.
During today’s session, the market participants will be closely watching the release of the U.S. Core PCE Price Index, Chicago PMI, Michigan consumer sentiment and expectations as well as a speeches from FOMC member Williams and Fed governor Cook.
Elsewhere, trading volume for XRP spiked to billions of dollars on UpBit, Bithumb and Korbit, three of Korea’s top exchanges by volume, on the back of the token’s 26% rise in the past week.
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