Bitcoin Bounce Above $30.4K
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have staged a remarkable recovery in the past 24-hours led Bitcoin (BTC), by rebounding towards $30,500 mark, after the asset management company, Fidelity refiled application for its Wise Origin Bitcoin Trust, a spot BTC exchange traded fund (ETF).
The refiling for the asset manager’s previously-rejected fund comes about two weeks after BlackRock applied for its own spot bitcoin ETF.
BTC, the largest cryptocurrency by market capitalization, was recently trading at $30,442, up 1.24%. Ether, the second largest crypto in market value, was recently changing hands at $1,849, also up 0.98%. Other major cryptos were trading in lightly green-tinted territory, although SOL, the token of the Solano smart contracts blockchain, recently spiked more than 10%.
The global crypto market cap has gained 1.08% over the last 24-hours to $1.17 tn, while the total crypto market volume decreased 10.94% at $29.92 bn. The total volume in DeFi is currently $2.38 bn and that of all stablecoins $27.77 bn, representing 7.96% and 92.80%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance has eased 0.05% but remains above halfway mark, currently at 50.35% over the day.
IC15 index, the barometer of top fifteen tokens, has climbed 0.75% to 40,238.
Equity markets were mixed with the Dow Jones Industrial Average (DJIA) and S&P 500 rising 0.6% and 0.2%. First-quarter, Gross Domestic Product (GDP) for the first quarter was revised upward to 2%, surpassing expectations for 1.4% growth. And the Labor Department announced that jobless claims for the week ending June 24 fell by 26,000 to 239,000, the largest decline since October 2021 and below expectations of 265,000.
Meanwhile, at the Banco de Espana Fourth Conference on Financial Stability, Federal Reserve Chair Jerome Powell, noted central bank uncertainty about no instant remedy to tame inflation, given that “inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go”.
Fed Chair has suggested in recent weeks that they would raise rates in upcoming months to tame inflation.
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