BTC Lingers Below $27K Amid Inflationary Concerns
By Laxmikant Khanvilkar
Virtual digital assets or VDA led by Bitcoin (BTC), Ethereum (ETH), others continue to suffer losses as investors started pricing impact of interest rate hike talks peddled by strong data points amid brewing inflationary concerns.
“Repricing interest rates higher has also been a sort of a headwind,” analysts have maintained in their media interaction.
Bitcoin, the largest cryptocurrency by market capitalization, was recently trading at about $26,780, down 1.10% over the past 24 hours and the second consecutive day BTC dropped below $27,000.
Ether, the second largest crypto in market value, was recently trading at about $1,865, down 0.46%.
Other major digital assets were mostly down, albeit not by much, although litecoin was an exception as it recently rose more than 7% with investors seemingly buoyed by the network’s halving in two months and a jump in activity in May.
The global crypto market cap has decreased 1.12% over the past 24-hours to $1.13 tn. Similarly, the total crypto market volume dropped 11.19% to $29.92 bn, which is constituted of total volume DeFi at $2.16 bn, or 7.21% and all stablecoins volume now stands at $27.71 bn, or 92.60% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 45.98%, a decrease of 0.21% over the day.
IC15 index, the barometer of top fifteen tokens, slumped 0.76% to 37,315.
Meanwhile, stocks rose a day after the U.S. House of Representatives passed a bill to raise the debt limit ensuring the government could meet its financial obligations at least for the near-term and avoid a shutdown. The tech-heavy Nasdaq Composite and S&P 500, which has a hefty technology component, both rose about a percentage point.
Analysts said that the recent events, the U.S. Congress raising debt ceiling limit, has helped crypto to dodge a bullet. The growing embrace of digital assets in Asia, particularly in Hong Hong, which has been trying to create easier access for retail investors has helped put floor under prices.
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