Bitcoin Firm Above $26K
By Laxmikant khanvilkar
The leading virtual digital assets or VDAs prices have maintained steady posture on Thursday Asia trade, after the bankruptcy court allowed bankrupt crypto exchange FTX to sell its crypto assets. Also, slightly higher-than-expected headline inflation data in the U.S. barely moved the needle in favour of bear cartel which has turned active since last few days.
Analysts have been indicating at price recovery since they believed the FTX-spurred crypto crash as “overblown”.
Bitcoin (BTC), the world’s most valuable cryptocurrency, rallied to $26,350 during U.S. trading hours, but slightly retraced after the FTX news. It resumed upward journey during Asia trade and recently changed hands at $26,452, up 2% over the past 24 hours. Ethereum (ETH), the second largest crypto in market value, was quoting 2.20% higher to $1,632.94.
Elsewhere, Solana’s SOL staged a comeback even as FTX held $1.16 billion of the token, stoking fears about dumping, but part of the stash is locked as venture investment and not available for sales. Aptos (APT), another large holdings of FTX, which is also ruling firm. Cardano’s ADA and Ripple’s XRP remained little changed.
As such, the global crypto market cap rose 1.02% to $1.04 tn, over the last 24-hours. On the other hand, the total crypto market volume decreased 23.57% to $27.14 bn. The total volume in DeFi is currently $1.85 bn and all stablecoins $25.38 bn, representing 6.82% and 93.53% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.10% to 49.03%.
IC15 index, the barometer of top fifteen tokens, gained 1.06% to 33,910.83.
With the U.S. inflation data out of the way, traders hope the U.S. Federal Reserve might soon begin cutting interest rates, the economy continues to grow and inflation appears to be settling in for a long period above the central bank’s 2% target.
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