Bitcoin hovers near $44K; US Jobs data eyed
By Laxmikant Khanvilkar
This week, the leading virtual digital assets, or VDAs, have performed exceptionally well benefiting from the potential approval of a spot bitcoin ETF. Bitcoin (BTC), the largest cryptocurrency by market capitalization, successfully breached the $44,000 mark, as investors, particularly large investors known as “whales” remained fairly active.
However, some traders have opted caution ahead of the US non-farm payroll data release later, a key indicator to assess Federal Reserve’s next move.
Apparently, the world’s largest and oldest cryptocurrency is displaying soft tone as it currently trades 0.6% lower at $43,853.
Ether (ETH), the second-largest cryptocurrency by market capitalisation, too retreated ans is currently offered at $2,242, down 3%.
Interestingly, the BTC has rallied 16% in the past week and nearly 170% in the year to date. It’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%.
Bitcoin’s price gain has forced short-traders, the group betting against the price rise, to cover their positions to cut losses worth $90 million on Tuesday alone, adding to the $70 million in short liquidations on Monday, according to data source CoinGlass.
Meanwhile, broader markets are witnessing mixed trend. BNB, Solana, are trading lower while XRP, ADA, among others, are trading in positive territory.
The global crypto market cap decreased by 0.7% to $1.59 trillion in the last 24 hours. Simultaneously, the total crypto market volume eased 5% to $76.6 billion. Total volume in DeFi is currently $8.4 billion, and all stablecoins are $67.9 billion, representing 10.9% and 88.6%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.9%, up 0.15% over the day.
The IC15 index, the barometer of the top fifteen tokens, edges 0.4% lower to 54,090.
Meanwhile, a federal judge accepted Binance founder Changpeng “CZ” Zhao’s guilty plea to one count of violating the Bank Secrecy Act, but has not yet weighed in on whether Zhao can go back to the United Arab Emirates before he is sentenced in February.
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