Bank Woes, Weak Job Survey Help BTC Reclaim $28.5K
By Laxmikant Khanvilkar
Sharp drop in share price of two regional banks in the US and weaker than expected job opening survey fired up investor demand for assets that hold value. Obviously, the scenarios are best suited for virtual digital asset or VDAs and the did benefited by collecting gains, recovery partial losses from the previous two sessions.
Bitcoin (BTC), the largest cryptocurrency by market capitalization was recently trading at around $28,563, up roughly 1.8%.
BTC’s hovered around $28,000 for most of the past day before staging a comeback after shares of two regional banks, Los Angeles-based PacWest Bancorp (PACW) and Phoenix-based Western Alliance Bank (WAL), tumbled 27% and 15%, respectively. Also, the weaker than expected latest Job Openings and Labor Turnover Survey (JOLTS) supported the rally in BTC.
Ether (ETH), the second-largest cryptocurrency by market capitalization, also edged higher by 1.66% to change hands at around $1,863.
IC15, the barometer of overall VDA market performance, was up 38,834 up 1.06%.
The global crypto market cap rose 1.48% to $1.18 tn, over the last 24 hours. The total crypto market volume stands at $35.17 bn, which is down 12.51%. DeFi total volume is currently $2.43 bn, or 6.92% of the total crypto market 24-hour volume. Stablecoins volume of $32.38 bn, makes up 92.08% of the total crypto market volume. Bitcoin’s dominance is currently 46.95%, an increase of 0.32% over the day.
Elsewhere, the S&P 500 traded down 1.1%. Both the Dow Jones Industrial Average (DJIA) and tech-heavy Nasdaq Composite dropped roughly 1%.
In bond markets, the yield on the 2-year Treasury note – a gauge of near-term interest rate expectations – fell 16 basis points to sit around 3.94%.
Meanwhile, investors await FOMC meet outcome which will set tone for markets. Broader market expectations of 25 bps rate hike is already discounted in prices.
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