Bitcoin Holds $26K Mark Amid Rate Hike Prospect
By Laxmikant Khanvilkar
The leading virtual digital assets (VDA) remain subdued by the prospect of elevated interest rates globally, while fewer trade volume underscored the vulnerability of digital assets to macro economic uncertainty. Lower trade participation has hit market breadth and depth, the key ingredient for sustaining bull run.
Analysts have pointed out at low volatility and three unfilled gaps – two at the top and one at the bottom – are likely to help price recovery sooner.
Bitcoin (BTC) is attempting to script a comeback trail, but lack of investor support is keeping prices depressed. Ethereum (ETH), on the other hand, is still facing difficulties in reversing the recent slide.
BTC, the largest cryptocurrency by market capitalisation, reclaimed $26,000 mark, after having hit lowest since June on Monday. It was last trading 0.32% lower at $26,009.97. ETH, the second largest crypto in market value, was changing hands at $1,630.66, down 2.17%.
Mixed trend witnessed in the altcoins and stablecoins space, with BNB bucking the trend while XRP, Litecoin still languishing in the red.
The global crypto market cap, eased 0.57% to $1.05 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 15.27% to $33.66 bn. The total volume in DeFi is currently $2.3 bn and all stablecoins $31.96 bn, representing 6.83% and 94.97% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.19% to 48.43%.
IC15 index, the barometer of top fifteen tokens, decreased 0.82% to 34,024.29.
Meanwhile, Sam Bankmam-Fried appeared before the trial court pleading not guilty to the latest indictment. Shiba Inu developers are slowly working towards a Shibarium network reopening by monitoring validator data and transactions days after a much-hyped network launch was marred by network issues and a faulty bridge.
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