Bitcoin Hovers Near $43K; Fed Decision On Tap
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have maintained flat-to-negative trend in the past 24-hours as traders remain focused on the release of quarterly earnings by tech giants Microsoft and Alphabet, as well as the Federal Reserve decision on interest rates later in the day.
Bitcoin prices hover near $43,000 mark even as the 10 spot bitcoin ETFs experienced their first net inflows in a week.
The largest cryptocurrency by market capitalisation was recently changing hands 0.5% lower at $42,976.
Ethereum (ETH), the second largest cryptocurrency, has sustained winning streak. It recently traded at $2,345 adding 1.7%.
Investors are awaiting the Fed’s rate decision. The fed funds futures market has priced in a nearly 98% probability that the central bank will leave rates unchanged, according to the CME FedWatch tool. They will be seeking indications of shifts in the central bank’s policy stance in its post-meeting statement and Fed Chair Jerome Powell’s remarks.
Against that backdrop, the
broader market tone observed soft tone. Binance’s BNB token, Solana’s SOL, Cardano’s ADA and Avalanche’s AVAX quoted weak.
The global crypto market cap decreased 0.8% to $1.65 trillion in the last 24 hours. The total crypto market volume rose 18.1% to $58.2 billion. Total volume in DeFi is currently $5 billion, and all stablecoins are $53.3 billion, representing 8.6% and 91.6%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.1%, showing an increase of 0.03% over the day.
The IC15 index, the barometer of the top fifteen tokens, eased 0.5% to 55,141.
Meanwhile, outflows at GBTC have continuously slowed since the launch of the ETFs. The fund saw an average of $470 million in money exiting in the first six days after the spot ETFs began trading. On Monday, that number slid to $192 million, according to research firm BitMEX.
On the other hand, over the first 12 trading days since approval on Jan. 10, the new ETFs have seen total net inflows topping $1 billion.
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