Bitcoin Bounces Near $44K; US Core CPI In Focus
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) are firmly placed to drive the broader market higher as investors are getting ready to receive key U.S. core consumer inflation data which will assist the Federal Reserve to decide on interest rate.
Prior to that report, there was a final revision made in Q3 GDP to 4.9% from earlier estimate 5.2%, while initial jobless claims rose 2,000 to 205,000 in the week ending Dec. 16, missing expectations of 214,000.
Sluggishness of data and talks of the Securities and Exchange Commission (SEC) holding joint conference with potential Bitcoin ETF applicants is currently guiding the market higher.
In the past 24-hours, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, succeeded in breaching $44,000 mark. It has since retreated and was recently trading at $43,854, up 0.7%. Ethereum (ETH), the second largest cryptocurrency, is outperforming BTC by adding a whopping 2.4% to trade at $2,242.
Large-cap tokens of XRP, Solana, Cardano, Binance, etc were sitting in profits.
As a result, the global crypto market cap increased by 2.1% to $1.66 trillion in the last 24 hours. However, the total crypto market volume declined 5.8% to $66.3 billion. Total volume in DeFi is currently $8.1 billion, and all stablecoins are $58.5 billion, representing 12.2% and 88.2%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.8%, down 0.8% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 1.9% to 55,801.
Meanwhile, Coinbase has received registration as a Virtual Asset Services Provider in France, allowing it to offer a “full suite of retail, institutional, and ecosystem products and services” in the country.
(With inputs from Shikha Singh)
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