Bitcoin Consolidates Near $27K
By Laxmikant Khanvilkar
Virtual digital assets or VDAs are stuck in narrow range for the past few sessions as investors await the outcome of deliberations among the U.S. lawmakers over debt ceiling. The outcome will influence the prices of cryptocurrencies.
Treasury Secretary Janet Yellen warned that the U.S. is projected to breach the debt limit as early as June 1 and said a default “could lead to a recession,” several analysts believe a resolution to the debt ceiling issue could potentially buoy bitcoin.
Bitcoin (BTC) momentarily slipped below $27,000 during the early Asia trade. The largest cryptocurrency by market capitalisation was most recently trading at $27,108 level, down 0.37%.
Over the past 24 hours, BTC’s price has been range-bound between $26,800-$27,400.
Ether (ETH), the second-largest cryptocurrency by market capitalization, was up 0.7% at $1,826.
Among other digital assets, LDO, the governance token for the liquid staking platform Lido, continued Monday’s strength to rise an additional 3%. Layer 2 blockchain Polygon’s native MATIC token dropped by 2.8% to hover around $0.82 cents.
The global crypto market cap further decreased 0.93% to $1.13 tn, a over the last 24-hours. The total crypto market volume is $28.41 bn, which down 8.30%. The total volume in DeFi is currently $2.21 bn, 7.77% of the total crypto market 24-hour volume. The volume of all stablecoins is now $25.87 bn, which is 91.08% of the total crypto market volume.
Bitcoin’s dominance is currently 46.43%, a decrease of 0.05% over the day.
IC15 index, the barometer of top fifteen currencies, recently quoted 1% at 37,578.
Meanwhile, the U.S. equity markets closed lower on Tuesday, with the Dow Jones Industrial Average (DJIA) sliding 1%, the S&P 500 down 0.6% and tech-heavy Nasdaq off by 0.2%.
In bond markets, the 2-year Treasury yield rose 6 basis points to 4.08%, while the 10-year Treasury yield was up 3 basis points to 3.54%.
Elsewhere, the European Union ministers signed a landmark new crypto rules on Tuesday. The EU’s Council, which represents 27 member states, unanimously approved the Markets in Crypto Assets regulation (MiCA), making the bloc set to be the first major jurisdiction in the world with a crypto licensing regime. It also agreed new anti-money laundering measures on crypto funds transfers.
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