BTC Dropping Near $27K; Investors Eye Jobs Data
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) are on the descend once again as investor focus shifts to important job data from the US later today.
The expectations of weak September’s job growth has started to build in the price.
Bitcoin (BTC), the world’s most valuable cryptocurrency, has seen a recent dip in trading value, currently resting at around $27,477.74, down 1.50% and also below its $28,000 threshold.
Ethereum (ETH), the second largest crypto in market value, was quoting 2.22% lower at $1,616.28.
Analysts have attributed the recent fluctuation in the price to the overall stability of traditional financial markets to the slow growth rate of the US job market.
Near term price movement will depend on the Securities Exchange Commission decision on spot BTC ETFs.
Industry experts believe that the SEC will approve a Bitcoin spot ETF in 3-6 months.
Approval of a Bitcoin ETF could attract $150-200 billion in investments over three years, potentially doubling or tripling the current amount managed through Bitcoin products.
The global crypto market cap lost 1.12% to $1.08 tn, over the last 24-hours. Similarly, the total crypto market volume decreased 5.22% to $25.97 bn. The total volume in DeFi is currently $2.68 bn and all stablecoins $24.04 bn, representing 10.33% and 92.55% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.03% to 49.65%.
IC15 index, the barometer of top fifteen tokens, slumped 1.16% to 35,207.95.
Meanwhile, Gary Wang, the former chief technology officer and co-founder of FTX, told a jury that he, Bankman-Fried and fellow former executives Caroline Ellison and Nishad Singh committed multiple forms of fraud.
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