BTC drops near $35.5K; tradfi attract investors
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), have witnessed a selling spree in the last 24-hours, after the U.S. Consumer Price Index (CPI) for October came in flat versus expectations for a slight rise. The data, many believe would prompt the Federal Reserve to pause rate hike and could lead to cutting rates in the first half of 2024. The expectations drove investors to equities while triggering liquidation of cryptocurrencies.
Bitcoin (BTC) briefly slumped to as low as $34,970 from near $36,500. It was recently changing hands at $35,516, down 1.96%.
Ether (ETH) tumbled almost 2.54% over the same time frame, to trade at $1,982. Last week, it regained $2,000 level for the first time since July on BlackRock’s spot ETH exchange-traded fund (ETF) filing.
Large-cap altcoins such as dogecoin (DOGE), Polygon’s (MATIC) and Tron’s TRON native tokens endured 6%-7% declines over the day.
As a result, the global crypto market cap decreased 1.29% to $1.37 tn, over the last 24-hours. Simultaneously, the total crypto market volume eased 2.45% to $64.15 bn. The total volume in DeFi is currently $6.74 bn and all stablecoins $56.72 bn, representing 10.5% and 88.4% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.79%, down 0.44% over the day.
IC15 index, the barometer of top fifteen tokens, slumped 2.09% to 45,466.76.
Meanwhile, traditional markets have soared higher led by Nasdaq gaining 2.3% and the S&P 500 up 1.8%. The 10-year Treasury yield plunged 20 basis points to 4.44%. The dollar followed suit, with the DXY Index falling by a whopping 1.55%.
Despite the rough session today for crypto, slower inflation and lower bond yields may support prices, investment management firm Grayscale said in a Tuesday report.
Given the U.S. Securities and Exchange Commission’s (SEC) deadline to approve, deny or delay Hashdex’s and Franklin Templeton’s spot bitcoin ETF filings due this Friday, there’s a surge of enthusiasm regarding approvals soon this week.
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Bitcoin drops near $35.5K; flat CPI drives investors to tradfi markets
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