BTC Steady; Investors Weigh Debt Ceiling Outcome
By Laxmikant Khanvilkar
Leading virtual digital assets or VDAs have snapped losing streak for nearly two weeks as the U.S. lawmakers are still divided over raising debt ceiling issue while key macro data releases later this week are keeping investors fairly active.
Apparently, Bitcoin (BTC, the largest cryptocurrency by market capitalization, held comfortably in its most recent range. Most recently it was trading at about $26,923, up 1.12%. BTC has hovered between $26,500 and $27,500 for almost two weeks. Ether was recently changing hands at about $1,818, up 1.07%. The second largest crypto in market value has been similarly range-bound between $1,750 and $1,850 over the past two weeks. Other major cryptos were largely in the green, albeit paler shades, with TRX and AVAX, the tokens of smart contracts platform Tron and Avalanche, recently up 3.8% and 2.3%, respectively.
Macroeconomic uncertainties, including concerns that U.S. President Joe Biden and House leadership would be unable to reach an agreement about raising the country’s debt limit, analysts said.
The global crypto market cap increased by 0.52% to $1.12 tn, over the last 24-hours. The total crypto market volume during the period witnessed a rise of 27.07% to $25.00 bn. DeFi volume stands at 6.91% at $1.73 bn, while that of all stablecoins is now $23.34 bn, which is 93.34% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 46.32%, a decrease of 0.04% over the day.
IC15 index, the barometer of top fifteen tokens, edged up 0.64% to 37,445.
Meanwhile, experts have suggested that the retreat of market makers Jane Street and Jump Trading from crypto trading in the U.S. had spooked investors, decreasing an already dwindling supply of market liquidity. They also noted an increase in call options on crypto exchange Bybit, a signal of unrest about the debt ceiling and other macroeconomic uncertainties.
Elsewhere, the tech-focused Nasdaq Composite climbed 0.5% to hit a 2023 high, while the S&P 500, which has a vital technology component, and Dow Jones Industrial Average (DJIA) ticked up 0.2% and 0.4%, respectively. Yields on Treasurys rose, and the price of gold sank slightly to $1,990, well below its near-record high early this month when investors were turning more to safe-haven assets.
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