Bitcoin hovers near $37.8K; ETF approval eyed
By laxmikant Khanvilkar
Leading virtual digital assets (VDAs), are stuck in a range over the last 24-hours, for lack of fresh catalyst while the update on exchange traded funds (ETFs) is awaited.
Per the market grapevine, the Securities Exchange Commission (SEC) will soon approve several pending proposals.
The optimism led Bitcoin (BTC) rally above $38,000 level after closing higher last week. The world’s largest cryptocurrency is currently trading at $37,794 down 0.4%.
Ether (ETH) continues to trade above psychologically level of $2,000. It was currently offered at $2,027 down 1.2%.
BTC ETF approval prospect has resulted in huge inflow of funds into the crypto pushing prices higher across the board.
BTC gained 40% over the last three months and has achieved 130% gains year-to-date (YTD) amid increasing volatility. This has taken the market sentiments higher which has now surpassed last month’s levels, remaining firmly in the “Greed” zone at 72, reflecting sustained strength.
However, the global crypto market cap decreased 0.1% to $1.42 tn, in the last 24-hours. Simultaneously, the total crypto market volume eased 6.2% to $48.2 bn. The total volume in DeFi is currently $4.8 bn and all stablecoins $43.4 bn, representing 10% and 90% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.1%, up 0.1% over the day.
IC15 index, the barometer of top fifteen tokens, eased 0.2% to 47,576.
Meanwhile, Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), is updating the trust’s agreement for the first time since 2018, as it aims to optimise GBTC’s structure before the ETF listing. The two major changes are fee structure and frictionless creation or resumption of shares.
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