Bitcoin wobbles against elusive ETFs approval

Bitcoin wobbles against elusive ETFs approval

By Laxmikant Khanvilkar

The virtual digital assets (VDA) seems to have made a habit of rising one day and following up with a decline on the next day. This trend has emerged over the last couple of weeks as we approach final sessions of 2023 and more importantly the possibility of new derivative products – spot ETF – launch in 2024.

In the past 24-hours, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, made an attempt to climb above $43,500 level once again. But, it failed to sustain that level as selling pressure emerged, causing prices to retreat. It was recently trading at $42,402, down 0.7%. Ethereum (ETH), the second largest cryptocurrency, following the suit. It recently changing hands at $2,184, losing 1.3% in the similar timeframe.

What’s interesting in cryptocurrency markets these days is ongoing talks between the financial markets regulator SEC, Nasdaq Stock Market and BlackRock representatives about the iShares Bitcoin Trust. Lack of definitive outcome is holding traders on their toes.

Though, building of open interest in derivative trades suggests rising fund flow, lack of supportive development is making the space jittery frequently.

Hence, a retreat in price and the broader markets as well. Large-cap tokens of XRP, Solana, Cardano were sitting in losses.

Apparently, the global crypto market cap decreased by 0.65% to $1.59 trillion in the last 24 hours. Similarly, the total crypto market volume lost 6.5% to $59.7 billion. Total volume in DeFi is currently $7.6 billion, and all stablecoins are $54.5 billion, representing 10.8% and 91.4%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.21%, unchanged over the day.

The IC15 index, the barometer of the top fifteen tokens, eased 0.8% to 53,191.

Meanwhile, S&P Global Ratings latest overview of stablecoins may help set the tone in favour of blockchain-based assets. In an overview of the relative ability for eight stablecoins to be redeemed for one dollar, the currency to which they are all pegged, S&P has also — arguably and indirectly — affirmed that stablecoins are likely not going anywhere.

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