Bitcoin advances towards $29K
By Laxmikant khanvilkar
Leading virtual digital assets (VDAs) made strong up move in the past 24-hours, despite of lingering fears of rate hike and ignoring fresh lawsuits filed against Genesis, Gemini and DCG for allegedly defrauding investors of $1 billion.
Price of Bitcoin (BTC), the largest cryptocurrency by market capitalisation, made a brief dash towards $29,000 despite flurry of news flow which was expected to send the crypto lower. It is currently resting at $28,680.26 up 1.21%.
Ethereum (ETH), the second largest crypto in market value, edged 0.08% higher at $1,565.17.
Most large-cap alternative cryptocurrencies – altcoins – traded flat, with Binance-adjacent token BNB, Polkadot’s DOT, dogecoin (DOGE) slightly down. Solana (SOL) defied the trend, jumping 5% during the day.
Traditional markets continued to feel the hit from the surging bond yields, lingering rate hike fears and equities tumbling for the second day in a row. The U.S. 10-year Treasury yield threatening to top 5% for the first time since prior to the global financial crisis.
The global crypto market cap increased 0.99% to $1.09 tn, over the last 24-hours. Similarly, the total crypto market volume rose 2.13% to $40.8 bn. The total volume in DeFi is currently $1.99 bn and all stablecoins $38.11 bn, representing 4.87% and 93.42% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.21%, an increase of 0.11% over the day.
IC15 index, the barometer of top fifteen tokens, jumped 1.05% to 35,891.13.
Meanwhile, XRP, a cryptocurrency related to the Ripple network, spiked over 6% as the U.S. Securities and Exchange Commission (SEC) dropped charges against Ripple Labs chief executive Brad Garlinghouse and chairman Chris Larsen. The agency said it will continue pursue damages against the company.
Also at work were U.S. Federal Reserve Chairman Jerome Powell’s remarks at the Economic Club of New York. Powell signaled the Fed will likely keep rates unchanged in November but kept the option open for a potential hike in December.
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