Bitcoin Slips Below $30K Ahead of Fed Rate Decision, BTC Options Expiry
By Kapil Rajyaguru
In another day of crypto market drudgery, bitcoin briefly feinted higher Friday before settling back into its increasingly familiar environs below $30,000. The largest digital asset by market capitalization was recently trading at $29,974, up 0.6%.
Ether (ETH), the second largest cryptocurrency, remained largely unfazed during the day, lingering at around its weekly low below $1,900. Major alternative cryptocurrencies – so-called altcoins – including SOL and XRP recovered some of their losses endured earlier in the day.
MKR, governance token of decentralized finance lender MakerDAO, defied the broader market and enjoyed double-digit gains, buoyed by the activation of a token buyback program.
But micro-cap token CNC cratered as much as 75% during the day following a 1,700 ETH – some $3.2 million – exploit of Conic Finance, a Curve-adjacent decentralized finance protocol.
Investors will be eyeing a likely Federal Reserve interest rate increase and bitcoin options expiry next week.
The global crypto market cap is $1.2T, a 0.41% increase over the last day. The total crypto market volume over the last 24 hours is $33.18B, which makes a 10.26% decrease. The total volume in DeFi is currently $2.62B, 7.90% of the total crypto market 24-hour volume. The volume of all stable coins is now $30.43B, which is 91.71% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.35%, an increase of 0.06% over the day.
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