BTC reclaims $70K amid rise in selling pressure
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have entered consolidation mode in the past 24-hours with Bitcoin (BTC), the largest cryptocurrency by market value, witnessing increased selling pressure ahead of upcoming halving event when mining rewards will be cut into half and reduce the availability of new supply. The current block reward is 6.25 BTC, and it will drop to 3.125 BTC after the halving. However, historically the event precedes a bull market, which reflects in its price stability near $70,000. The top token recently priced at $70,313 down 0.3%.
Crypto traders are of the view that participants seek a “reason to buy” as money narratives continuously shift in the current bullish environment and they may turn their focus on the bitcoin ecosystem in the coming weeks.
Interestingly, in the recent times, the selling spikes of a significantly heavier scale than before have appeared in the Bitcoin Net Taker Volume, which indicates the difference between the Bitcoin taker buy and taker sell volumes in perpetual swaps.
Bearish sentiment prevailed across the crypto market.
Ethereum (ETH), the second largest cryptocurrency by market capitalisation, stayed below $3,600 level. It recently hanged hands at $3,524 down 0.3%.
Elsewhere, Dogecoin, ADA, XRP, AVA, alongside meme coins were trending lower.
Uniswap’s native token, UNI, dropped after the DeFi crypto exchange received a notice from the U.S. Securities and Exchange Commission that it intends to pursue an enforcement action.
The global crypto market cap decreased 0.4% to $2.61 trillion in the last 24 hours. Simultaneously, the total crypto market volume fell 17% to $79 billion. Total volume in DeFi is currently $8 billion, and all stablecoins are $73 billion, representing 10% and 92%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.9%, up 0.1% over the day.
The IC15 index, the barometer of the top fifteen tokens, eased 0.1% to 89,068.
Meanwhile, Hong Kong’s regulators are reportedly inching closer to approving spot-based bitcoin ETFs. Once approved it could open the floodgates for Chinese investors looking for a new haven next to gold, overseas real estate and stocks in which to store their wealth.
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