Bitcoin Drops Below $30K On Strong USD
By Laxmikant Khanvilkar
Virtual digital assets (VDA), popularly known as cryptocurrencies have step-back after the U.S. dollar strength and corporate earnings prompted investors towards less risky assets.
It seems Bitcoin’s rally above $30,000 has stalled temporarily. The most popular cryptocurrency was last quoting at $29,378 level losing 1.7% in the last 24-hours. Bitcoin began sinking on Sunday and dropped as low as $29,200.
Coinglass data showed that traders who bet on shifts in price have liquidated over $32 million worth of BTC long positions since Sunday evening versus $1 million of BTC short positions. These types of long squeezes tend to send prices lower.
Ether (ETH) was recently hovering at about $2,076 Monday, down 0.7%.
The global crypto market capitalization has decreased by 1.95% over the last 24 hours, now standing at $1.25 trillion. The total crypto market volume has grown significantly in the same period, increasing by 24.78% to reach $46.17 billion. DeFi platforms have seen a notable rise in volume, making up 10.02% of the total crypto market volume at $4.63 billion. As for stablecoins, these have registered a total volume of $41.55 billion, accounting for a whopping 89.99% of the total crypto market volume. Bitcoin’s dominance has decreased by 0.31% in the past day, and is now at 45.49%.
Among other altcoins, Avalanche’s AVAX token recently rallied over 7% to $20.70. Perpetuals-focused decentralized exchange dYdX’s DYDX token rose by 5% to trade over $3.
You need to login in order to Like
