Bitcoin falls below $27K
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) are trading flatline after witnessing a burst in the previous session as the fears of U.S. government shutdown seen jeopardising advances made so far by this hard to categorise asset class.
On Friday, cryptocurrencies staged a strong comeback led by the prospect of exchange traded fund or ETF launch.
All round optimism led Bitcoin (BTC) above the $27,000 level. It has since retreated and was recently trading at $26,901.89, down 0.57%.
Ethereum (ETH), the second largest crypto in market value, continues to outperform bitcoin. After rallying to $1,660 on hopes a potential U.S. regulatory greenlight for a futures-based ETFs, ETH was quoting 0.72% higher at $1,666.89.
Ripple’s XRP, Solana’s SOL and the Tron network’s native token TRON posted 3%-5% gains, outperforming the broader digital asset market.
The global crypto market cap eases 0.10% to $1.07 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 33.72% to $41.02 bn. The total volume in DeFi is currently $2.35 bn and all stablecoins $38.97 bn, representing 5.83% and 95% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.23% to 48.86%.
IC15 index, the barometer of top fifteen tokens, edges down 0.03% to 34,981.16.
Meanwhile, analysts have suggested that the oppressive macro uncertainty is still a major headwind. They added that the looming U.S. government shutdown adds to the uncertainty and noted that the U.S. consumer spending growth in Q2 was revised lower, an indication that consumers might not be that resilient to tightening financial conditions.
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