Bitcoin Zooms Above $44.7K Amid Speculation Over ETF Approval
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have sizzled past key levels during the last 24-hours, as investors piled up Bitcoin, Ethereum and other tokens, anticipating a regulatory approval.
In recent times, the Securities Exchanges Commission (SEC) encouraged leading fund managers and the Nasdaq representatives to iron out differences.
Apparently, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, surged towards $44,800 mark. It was recently trading at $44,754, up 5.5%. Taking a cue from bitcoin’s price movement, Ethereum (ETH), the second largest cryptocurrency, soared 3.7% to change hands at $2,381.
Other large-cap tokens such as XRP, Solana, Cardano, Binance, etc followed the broader market trend.
Solana blockchain’s native token SOL is now posing a tough competition to ether and is holding $109 mark comfortably.
As a result, the global crypto market cap increased by 4.2% to $1.72 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 6.2% to $50.3 billion. Total volume in DeFi is currently $7.5 billion, and all stablecoins are $43./ billion, representing 14.8% and 85.9%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.8%, up 0.5% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 4.8% to 57,628.
Meanwhile, last week, 28,000 BTC worth $1.19 billion left centralized exchanges, the largest single-day outflow in BTC terms since Dec. 14, 2022, according to data tracked by blockchain analytics firm Glassnode.
Elsewhere, India’s Financial Intelligence Unit (FIU), which falls under the purview of the Ministry of Finance has issued show-cause notices to 9 offshore cryptocurrency platforms under the stringent Prevention of Money Laundering Act (PMLA).
Leading offshore exchanges such as Binance and Kucoin were served with the show-cause notices.
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