Bitcoin Drifts Near $26K; Debt Ceiling Impasse
By Laxmikant Khanvilkar
Virtual digital assets or VDAs continue to drift lower as the U.S. debt ceiling talks failed to make headway while the UK inflation and the most recent Federal Open Market Committee (FOMC) minutes suggests U.S. central bankers divided on a continuation of interest rate hikes did little to boost market confidence.
Bitcoin was recently trading at about $26,250, off roughly 3% over the past 24 hours and near its lowest level since May 12 when the largest cryptocurrency by market capitalization dipped below $26,000. Till recent times, Bitcoin had remained in a $26,500 to $27,500 range.
Ether was recently changing hands at about $1,795, off approximately 2.9%. Most major cryptos spent Wednesday firmly in the red with LTC and SOL, the token of the Solana smart contracts platform tumbling more than 5.2% and 3.6%, respectively.
A number of analysts believe that bitcoin will remain stuck until a new catalyst emerges.
The global crypto market cap decreased 2.78% to $1.11 tn, over the last 24-hours. The total crypto market volume over the last 24 hours increased 17.60% to $36.14 bn. The total volume in DeFi is currently $2.46 bn, 6.82% of the total crypto market 24-hour volume. The volume of all stablecoins is $33.73 bn, which is 93.32% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 46.10%, a decrease of 0.27% over the day.
IC15 index, the barometer of top 15 tokens, dipped 2% to 36,890.
Major stock indexes struggled similarly on Wednesday, restoring at least temporarily the correlation between equity and crypto pricing with the tech-focused Nasdaq, S&P 500 and Dow Jones Industrial Average (DJIA) all dropping the better part of a percentage point.
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