Bitcoin Trade Flatline Amid Poor Risk Appetite
By Laxmikant Khanvilkar
The leading virtual digital assets or VDAs prices have eased further during the last 24-hours as investors preferred staying away from the risky assets.
Bitcoin (BTC), the world’s most valuable cryptocurrency, managed to latch on to $26,000 mark, suggesting the underlying market strength in the face of falling equities.
It recently changed hands at $26,241.57, down 1.23% over the past 24 hours. Ethereum (ETH), the second largest crypto in market value, was quoting 0.79% lower at $1,579.92.
Analysts find BTC price move very commanding despite a poor run from stock markets this month. The S&P 500 traded on Friday to the lowest since June while bitcoin still has some breathing room above the September low near $25,000.
Interestingly, analysts have pointed to zero correlation between BTC/USD as the key reason for the largest cryptocurrency maintaining stability. Recently, the BTC’s correlation with the Dollar Index (DXY) hit zero, meaning there’s no relationship at all between them.
The global crypto market cap lost 1.38% to $1.04 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 17.59% to $18.86 bn. The total volume in DeFi is currently $1.92 bn and all stablecoins $16.96 bn, representing 10.17% and 89..91% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.13% to 49%.
IC15 index, the barometer of top fifteen tokens, lost 1.60% to 33,671.11.
Meanwhile, Coinbase Inc. (COIN), the U.S. crypto exchange that’s seeking to expand globally amid the regulatory crackdown in its home country, has recently considered buying FTX Europe, Fortune reported.
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