Bitcoin Reclaims $27K Amid U.S. Debt Ceiling Vigil
By Laxmikant Khanvilkar
Even though the broader financial markets continue to witness tentative as the U.S. lawmakers made a little progress towards forming a consensus on raising debt ceiling limit, the virtual digital assets or VDA are seeing price uptick.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, was recently quoted at $27,197 level, up 1% over the past 24-hours. This most popular virtual currency topped $27,400 during the day. For nearly two weeks, BTC has stood range-bound between $26,500 and $27,500 as investors fret over ongoing crypto regulatory issues that have sapped liquidity from markets and macroeconomic uncertainties, including the recent U.S. debt ceiling stalemate.
Ether (ETH) also remained in its two-week range, changing hands at $1,850, up 1.4% over 24 hours. Most other major cryptos were in positive territory, albeit not by much, with APT and SOL, the native tokens of the Solana and Aptos smart contracts platforms, recently rising 3.8% and 2.1%, respectively. The CoinDesk Market Index, a measure of crypto markets performance, recently rose 1.1%.
The global crypto market cap increased 1.15% to $1.14 tn, over the last 24-hours. The total crypto market volume jumped 22.92% to $30.73 bn. The total volume in DeFi is currently $2.06 bn, 6.71% of the total crypto market volume. The volume of all stablecoins is now $28.86 bn, which is 93.90% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 46.36%, an increase of 0.05% over the day.
IC15 index, the barometer of top 15 tokens, gained 0.59% to 37,684.
Stocks fell amid debt limit anxieties, with the technology-focused Nasdaq Composite closing down 1.2% a day after reaching a 2023 high, and the S&P 500, which has a hefty tech component, and Dow Jones Industrial Average (DJIA) declining 1.1% and 0.6%, respectively.
Yields on 2- and 10-year Treasurys both reached near their highest levels since March before ticking downward slightly.
Crypto markets received a modest boon following the European Commission willingness to moderate an earlier tough stance on crypto and make it easier for commercial lenders to hold stablecoins and tokenized assets.
Interesting observations by analysts suggests that the correlation between the S&P 500 and bitcoin has been dropping since April to -0.23.
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