Bitcoin Consolidates Below $26K
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), popularly known as cryptocurrencies, were treading water during the early Tuesday session as investors stayed on the sidelines awaiting the U.S. CPI data and FOMC meet outcome.
After reclaiming $26,000 level on Monday, bitcoin retreated to trade below this threshold.
The largest cryptocurrency by market capitalization was recently trading at $25,944, up a tad over the past 24 hours. BTC dipped $26,000 near the end of last week, following a troubling mix of U.S. Securities and Exchange Commission (SEC) lawsuits against crypto exchange giants Binance and Coinbase, and ongoing angst about the U.S. central bank’s inflation-fighting monetary policy.
Ethereum (ETC) was recently changing hands at about $1,741.
Broader markets was swept lower by the SEC lawsuits. SOL, the token of the Solana blockchain, recently plunged nearly 7%, while MATIC and ADA, the native cryptos of the Polygon and Cardana smart contracts platforms fell about 2.8% and 1.5%, respectively.
The global crypto market cap edged higher by 0.11% to $1.05 tn, over the last 24-hours, while there is 21.06% decline in the total crypto market volume at $29.81 bn. The total volume in DeFi is currently $2.06 bn, 6.90% of the total crypto market 24-hour volume. The volume of all stablecoins is now $28.74 bn, which is 96.41% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 47.74%, an increase of 0.04% over the day. IC15 index, the barometer of top fifteen tokens, is quoting 0.05% up to 36,478.
Elsewhere, the S&P 500 climbed 0.9% to reach its highest level in a year, and the tech-heavy Nasdaq jumped 1.5%, while the Dow Jones Industrial Average added 0.5%. The yield on the 10-year Treasury ticked up to 3.73%. Gold, which has often traded similarly to digital assets, fell 0.2%.
Analysts have suggested that the trend Indicator ticked into downtrend territory a week after rising into the significant upturn category – the fall-off a sign of sagging investor sentiment.
You need to login in order to Like
