Bitcoin Slumps Below $62K, Ether Hovers Around $3000
By Kapil Rajyaguru
Bitcoin slid toward $62,000 during the Asian mornings on Thursday as part of a broader dip across the crypto market in which tokens lost more of their gains from the rally at the end of last week. BTC is priced at around $61, 500, down nearly 2% in the last 24 hours.
Ether, the second largest cryptocurrency by market cap, was changing hands at $2995, down by over 1$ in the similar time frame
The altcoins are in no better state, with DOGE, SOL, and AVAX dropping by 5% or more in the past 24 hours.
Meanwhile a rapid succession of nearly $2 billion of token unlocks during the next ten weeks could lower the market for altcoins.
Not just altcoins facing selling pressure, over $11 billion worth of bitcoin (BTC) will be distributed to creditors of crypto exchange Gemini’s Earn program and long-defunct crypto marketplace Mt. Gox
Amid upcoming supply events, one market observer suggested that the FTX repayments might offer some relief.
The global crypto market cap is $2.27T, a 1.26% decrease over the last day. The total crypto market volume over the last 24 hours is $65.2B, which makes a 1.32% decrease. The total volume in DeFi is currently $7.16B, 10.97% of the total crypto market 24-hour volume. The volume of all stable coins is now $59.73B, which is 91.61% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.22%, a decrease of 0.28% over the day.
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