Bitcoin Hover Near $28K; Rate Hike Prospect Weighs
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) prices continue to fall in the past 24-hours, on prospect of higher interest rates for long and are likely to roil global financial markets.
Price of Bitcoin (BTC), the largest cryptocurrency by market capitalisation, is little changed at $28,300 despite roughly 1% declines in the S&P 500 and Nasdaq. It is currently resting at $28,346.30 down 0.07%.
Ethereum (ETH), the second largest crypto in market value, edged 0.02% lower at $1,564.46.
Rest of the market was broadly trending lower. Solana’s (SOL), Polygon’s (MATIC), and litecoin (LTC) each lost nearly 1% of their value.
Investors are seen seeking refuge in bonds due to the possibility of interest rate hike, the yield spiked to new highs. Both, the U.S. 30-year Treasury bond yield and 10-year Treasury note yield are highest since summer 2007.
Interestingly, the voices in favour of spot bitcoin ETF approval are getting louder. Galaxy Digital CEO Mike Novogratz and ARK Invest CEO Cathie Wood are hoping for the SEC approval coming and perhaps sooner, rather than later.
The global crypto market cap decreased 0.46% to $1.08 tn, over the last 24-hours. Similarly, the total crypto market volume dropped 12.94% to $39.9 bn. The total volume in DeFi is currently $2.26 bn and all stablecoins $37.16 bn, representing 5.66% and 93.14% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.10%, an increase of 0.04% over the day.
IC15 index, the barometer of top fifteen tokens, eased 0.27% to 35,509.54.
Meanwhile, the optimism of ETF approval has already boosted price of bitcoin, which has nearly doubled this year, but remains about 60% below its all-time high hit a bit more than two years ago. CryptoQuant believes $155 million to roll into bitcoin via spot ETFs, potentially nearly tripling the crypto’s price.
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