Bitcoin Reclaims $25K
By Laxmikant Khanvilkar
Leading virtual digital asset (VDA) Bitcoin staged a comeback during the past 24-hours after the iShares unit of fund management powerhouse BlackRock filed paperwork with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF.
The largest cryptocurrency by market capitalisation leaped past $25,700 mark after the announcement. It was recently changing hands at $25,500 level, up 1.35%. Ethereum (ETH), the second largest cryptocurrency by market capitalisation, was trading 0.60% higher at $1,662.
Interestingly, in the previous session cryptocurrencies were hammered down, with BTC dropping below psychologically important level of $25K, for the first time in three months amid concerns about U.S. central bank hawkishness and increasing U.S. regulatory scrutiny of the crypto industry. Other altcoins too suffered a losses.
However, the BlackRock announcement rekindled optimism about the possibility of a spot bitcoin ETF, sending BTC prices higher. Apparently, the global crypto market cap added 0.68% to $1.03 tn, over the last 24-hours.
The total crypto market volume witnessed an increase of 12.25% to $37.1 bn, during the same period. The total volume in DeFi is currently $2.72 bn, and that of all stablecoins $38.59 bn, representing 7.34% and 104.02% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 47.84%, an increase of 0.31% over the day.
IC15 index, the barometer of top fifteen tokens, edged 0.7% higher at 36,100 level.
All focus will be on the SEC decision now. The markets regulator so far received 18 applications and all were rejected.
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