Bitcoin Recuperates; Coinbase Selling Pressure Subsides

Bitcoin Recuperates; Coinbase Selling Pressure Subsides

By Laxmikant Khanvilkar

Virtual digital assets (VDA) have gathered strength in the past 24-hours as bullish undertone is setting tone for the market in response to the subsiding selling pressure exerted by asset manager Grayscale since January 12.

Although, the Grayscale has sent 123,604 bitcoins (BTC) to the exchange worth over $5 billion, but its latest transfer of 8,670 BTC is the smallest volume so far.

Apparently, Bitcoin prices received a boost, making its way back above $43,000 mark. The largest cryptocurrency by market capitalisation was recently changing hands 2.8% higher at $43,183.

Ethereum (ETH), the second largest cryptocurrency, has staged a recovery as well. It recently traded at $2,307 adding 2%.

Broader markets too witnessing a positive trend. Binance’s BNB token, Solana’s SOL, Cardano’s ADA and Avalanche’s AVAX are showing signs of strength.

Solana-based trading aggregator Jupiter settled over $500 million in trades in the past 24 hours ahead of its planned token issuance on Wednesday, overtaking Uniswap v3 to become the biggest trading platform by that metric.

The global crypto market cap increased 2.8% to $1.66 trillion in the last 24 hours. The total crypto market volume rose 18.4% to $50.1 billion. Total volume in DeFi is currently $4.6 billion, and all stablecoins are $45.2 billion, representing 9.1% and 90.2%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.1%, showing an increase of 0.12% over the day.

The IC15 index, the barometer of the top fifteen tokens, surged 3% to 55,382.

Meanwhile, Chinese asset manager Harvest Global Investments has filed an application with the Hong Kong’s Securities and Futures Commission seeking approval for the launch of spot bitcoin ETF. It hopes to start trading during the first quarter of 2024.

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