Bitcoin Slides Below $28K
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) have surrendered to rising treasury yields, highest level in more than 16 years, and lukewarm response to much awaited Ethereum futures based exchange traded funds (ETF). The counter reported low volume on first day of trading.
All round optimism led Bitcoin (BTC) to surge above the $28,500 level, on Monday. It has relinquished some of its gains and was recently trading at $27,490.83, down 1.69%.
Ethereum (ETH), the second largest crypto in market value, was quoting 3.69% lower at $1,664.12.
US equities ended mixed on Monday while treasury yields spiked 11 basis points to 4.69% after unexpectedly strong manufacturing data underlined the resilience of the U.S. economy, with the ISM figures coming in at 49 versus a forecasted 47.7, suggesting that more rate hikes could be in the cards.
Analysts have said that the crypto market, especially bitcoin, has seen a rally recently, influenced by factors like the SEC’s ether futures ETFs approvals and other government decisions. Bitcoin has gained 15% in the last two weeks. That calls for some profit taking.
The global crypto market cap lost 1.93% to $1.09 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 31.08% to $43.46 bn. The total volume in DeFi is currently $3.32 bn and all stablecoins $40.6 bn, representing 7.64% and 93.42% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.20% to 49.34%.
IC15 index, the barometer of top fifteen tokens, slides 2.05% to 35,541.03.
Meanwhile, FTX founder Sam Bankman-Fried goes on trial today after the crypto exchange’s collapse and alleged theft of billions. Key witnesses include former colleagues and friends, notably Caroline Ellison and Gary Wang, who had deep ties to FTX and Alameda Research.
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