Bitcoin rises near $36K
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), are extending recent winning streak and looks all set to break above key resistance level as analysts foresee increased investor interest participation amid growing prospects of regulatory approval to exchange traded funds (ETF).
The U.S. financial markets regulator – the Securities and Exchange Commission (SEC) has one last short window, an eight-day period starting Thursday, if it wants to approve all 12 spot bitcoin (BTC) ETF applications this year, Bloomberg Intelligence analysts wrote in a note on Wednesday.
The optimism sent price of the largest cryptocurrency by market capitalisation, higher towards $36.000 mark. It is currently resting at $35,849.45 up 1.45%.
Ethereum (ETH), the second largest crypto in market value, gained 0.70% at $1,8898.60.
Matrixport, the Crypto investment services provider, believes bitcoin’s breakout above $36,000 is “imminent,” fueled by consistent BTC purchases. This is coupled with a more accommodating macroeconomic environment for risk assets, with dovish Federal Reserve messaging, retreating bond yields and the U.S. Treasury Department slowing the pace of long-term debt issuance, could help bitcoin to move higher.
Broader markets have gained traction in recent times and hence are positively influenced by such factors. Ethereum scaling network Polygon’s native crypto (MATIC) and oracle network Chainlink’s token (LINK) lead gains in altcoins, surging 10%-11% over the same time period. Others followed the suit.
Overall, the ETF approval optimism has provided buoyancy to the market. As a result, the global crypto market cap increased 1% to $1.35 tn, over the last 24-hours. However, the total crypto market volume eased 13% to $42.58 bn. The total volume in DeFi is currently $4.82 bn and all stablecoins $37.98 bn, representing 11.3% and 88% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.82%, up 0.02% over the day.
IC15 index, the barometer of top fifteen tokens, rose 0.71% to 44,760.
Meanwhile, North America’s largest bitcoin miners – Marathon Digital (MARA) – has beat third-quarter earnings estimates while missing revenue expectations. The miner reported a third-quarter earnings of $0.35 per share versus analyst estimate of a loss of $0.11 per share. Third quarter revenue was $97.8 million compared to an estimate of $99.6 million.
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