Bitcoin Rallies Near $30K; Weak Macro Stir Optimism
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have gained traction in the past 24-hours as slew of weak macroeconomic indicators from the China and the enthusiasm around payment giant PayPal’s stablecoin launch stirred investor sentiment.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, jumped above $30,000 mark for the first time in nearly a week. Most recently, the BTC was trading at $29,800.50, up 2.34%.
BTC was trapped in the range of $29,000 to $29,500 level in the past two weeks while staying immune to outside events that would normally impact prices and weigh on risky assets.
Ether, the second largest crypto in market value, followed the Bitcoin. It was recently changing hands at $1,855.54, a gain of 1.49%.
Other movers of note include solana (SOL), toncoin (TON) and chainlink (LINK), all sporting gains of more 5%.
China overnight reported a decline in imports in July, which was double the drop forecast by economists. Exports fell worse than estimates. The data points to Beijing may have to take additional steps to stimulate China’s economy.
The U.S. 10-year Treasury yield too weakened. Yields on long-dated government bonds across Europe are posting even steeper declines on Tuesday, including in Germany.
The global crypto market cap, increased 1.85% to $1.18 tn, over the last 24-hours. Similarly, the total crypto market volume rose 8.94% to $35.95 bn. The total volume in DeFi is currently $2.72 bn and all stablecoins $33.89 bn, representing 7.57% and 94.27% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.18% to 48.99%.
IC15 index, the barometer of top fifteen tokens, surged 2.06% to 39,122.
Meanwhile, Philadelphia Federal Reserve President Patrick Harker said in a speech that barring “alarming” new data, he’s fine with the central bank not hiking rates any further. He added, though, that the idea of considering rate cuts is a long way off.
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