Bitcoin Hovers Near $26K
By Laxmikant khanvilkar
Leading virtual digital assets (VDAs), most popularly known as cryptocurrencies, have maintained steady tone on early Monday trade, after witnessing a week of high volatility, as markets participants focus shifts to the Fed’s interest rate decision and fresh inflation data set for release later in the week.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, was recently hovering near $26,000 level. This oldest token witnessed lot of volatility last week following the U.S. markets regulator – the Securities Exchange Commission decision to file a lawsuits against Binance and Coinbase. The decision triggered selloff in altcoins such as Cardano, Solana, Polygon etc.
As a result, trading volume dropped in many U.S. exchanges and the race to shift cryptocurrencies to other countries begin.
Interestingly, the shift saw BTCs dominance soar to near 50% mark on Saturday. Experts said the altcoin crash triggered a flight to safety.
Ethereum, the second largest cryptocurrency, was recently changing hands at $1,750.
Meanwhile, the global crypto market cap edged 0.03% lower to $1.05 tn over the last 24-hours. The total crypto market volume saw a drop of 55.02% to $24.59 bn over the same period. The total volume in DeFi is $1.8 bn, and stablecoins $22.9 bn account for 7.32% and 93.12% respectively, of the total crypto market 24-hour volume.
IC15 index, the barometer of top fifteen tokens, edged up 0.56% to 36,500.
Elsewhere, the Dow Jones Futures traded flat, S&P 500 Futures lifted 0.2%, Nasdaq 100 Futures added 0.3%.
For the week, market participants are expecting a 70.1% chance of Federal Reserve policymakers holding interest rates at their current levels, with CPI data expected to fall to 4.1% from last month’s reading of 4.9%. Other data slated for release inlcudes PPI, retail sales, Philadelphia fed manufacturing business and retail inventories, as well as Michigan consumer sentiment and expectations. Speeches from Bullard and Waller will also be closely monitored.
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