Bitcoin Bounces Above $27K As Macro Pressure Ease
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) are trading firm on Friday helped easing fears of rate hikes alongside the pullback in the U.S. treasuries and the dollar. Further, the prospect of exchange traded fund or ETF launch encouraged trader participation.
All round optimism led Bitcoin (BTC) above the $27,000 level. BTC earlier rose to just shy of $27,300 and was trading at $27,071.70, up 2.48%.
Ethereum (ETH), the second largest crypto in market value, outperformed bitcoin. It rallied to $1,660 as investor hopes rose for a potential U.S. regulatory greenlight for a futures-based. Recently, ETH was quoting 3.25% higher at $1,654.10
Broader markets movements were completely in-sync with the large tokens. COMP, AAVE and MKR, governance tokens of top DeFi lending platforms Compound, Aave, and Maker, enjoyed 21%, 10% and 5% gains, respectively. LDO, the token of the leading liquid staking platform Lido Finance, jumped nearly 9%.
Ethereum scaling network Arbitrum’s ARB posted a 9.6% rally, recovering losses from earlier this month.
The global crypto market cap gained 2.13% to $1.08 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 12.36% to $30.87 bn. The total volume in DeFi is currently $2.75 bn and all stablecoins $29.09 bn, representing 8.90% and 94.23% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.06% to 49.10%.
IC15 index, the barometer of top fifteen tokens, jumped 2.45% to 35,002.38.
Meanwhile, the social media update suggests that the U.S. Securities and Exchange Commission (SEC) reportedly asked ETF filers to update their application to be able to approve and start trading next week because of a looming government shutdown.
In addition, VanEck submitted paperwork for its own futures-based ETH ETF, adding to already submitted filings from Grayscale, ProShares and Bitwise, among others.
Adding further spin to trade setups is today’s quarterly and monthly options expiry, when some $4.8 billion worth of BTC and ETH options will expire on key derivatives exchange Deribit.
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