Bitcoin Hovers Below $34k
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), although have come off their highs, but are quoting higher in the past 24-hours, on frenzied investor buying amid hopes of spot Bitcoin exchange-traded fund (ETF) launch.
Price of Bitcoin (BTC), the largest cryptocurrency by market capitalisation, soared above $35,100 mark briefly on Tuesday. But, it has retreated after the ticker for BlackRock’s spot bitcoin ETF was removed from the Depository Trust & Clearing Corporation’s (DTCC) website.
It is currently resting at $33,844.76 up 0.92%.
Ethereum (ETH), the second largest crypto in market value, rose 0.39% at $1,787.38.
Analysts have maintained that a spot bitcoin ETF would provide a regulated and accessible wrapper for bitcoin exposure, and also mark a major vote of institutional confidence in the broader ecosystem. A regulatory approval of spot bitcoin ETF would attract institutional investors. The demand for such product is stronger than ever.
The data from the Chicago Mercantile Exchange (CME) shows that open interest for bitcoin futures surged to a record high of $3.4 billion on Monday, demonstrating growing interest from institutional investors.
Most large-cap alternative cryptocurrencies traded firm as well, benefiting from the trickle down effect.
The global crypto market cap increased 1.60% to $1.25 tn, over the last 24-hours. Similarly, the total crypto market volume rose 17.41% to $82.31 bn. The total volume in DeFi is currently $6.09 bn and all stablecoins $73.69 bn, representing 7.40% and 89.53% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.04%, an increase of 0.55% over the day.
IC15 index, the barometer of top fifteen tokens, rose 1.43% to 41,776.30.
Meanwhile, Cathie Wood and ARK Invest appear to be using the recent rally to take some profits. ARK Invest on Monday sold a total 42,613 shares of COIN stock from its ARK Next Generation Internet ETF and ARK Fintech Innovation ETF worth $3.29 million based on Coinbase’s 77.21 closing price.
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