Bitcoin, ETH Trade Flatline Ignoring Macro Concerns
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) are little changed during Friday’s Asia trade, braving the macro economic uncertainty. A quarter point interest rate hike from the Bank of England and largely discouraging U.S. jobs data continue to suggest inflation would remain problematic, reigniting fears of monetary hawkishness by global central banks.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, was recently trading near $29,206.07, up 0.16% over the past 24 hours.
BTC has been trading in narrow range of $29,000 and $29,500 for much of the past two weeks and remained immune to outside events that would normally impact prices and weigh on risky assets.
Ether, the second largest crypto in market value, followed a similar pattern to trade at $1,836.85, a 0.03% decline.
Other cryptos steadied after falling more precipitously. ADA, SOL and MATIC, the tokens of smart contracts platforms, Cardano, Solana and Polygon, were all recently off more than 2.5%. And UNI, the native crypto of decentralized exchange Uniswap, continued its downward momentum to fall more than 1.3%.
The global crypto market cap, decreased 0.40% to $1.17 tn, over the last 24-hours. Simultaneously, the total crypto market volume eased 20.49% to $29.38 bn. The total volume in DeFi is currently $2.4 bn and all stablecoins $27.68 bn, representing 8.19% and 94.24% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.26% to 48.73%.
IC15 index, the barometer of top fifteen tokens, eased 0.41% to 38,428.
Meanwhile, U.S. equity markets ticked down slightly as bond yields rose, a sign of lessening investor appetite for risk assets. The S&P 500 and tech-heavy Nasdaq Composite closed down 0.3% and 0.1%, respectively.
Elsewhere, Coinbase released second quarter, which was better than analyst expectation. The crypto exchange reported revenues of $708 million and adjusted earnings of a loss of $0.42, ahead of analyst estimates of revenues of $628 million and earnings per share of a loss of $0.76.
But transaction revenue came in at $327 million, compared to $375 million in the first quarter, while total trading volume fell to $92 billion, compared to $145 billion in the first quarter.
Analysts expects BTC, ETH, and others to maintain sideways movements for the long period, perhaps for the next several months or even well into next year, on widening user base and capital inflow.
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