Bitcoin Consolidating Near $26K; US Macro Economic Data In Focus
By Laxmikant Khanvilkar
The leading virtual digital assets or VDAs prices are in a consolidation phase, after managing to hold key threshold level last week, amid focus shifting to the U.S. macroeconomic indicators set to release later this week.
The optimism around corporates buying cryptocurrencies post Financial Accounting Standards Board (FASB) tweaking the accounting norms on valuation helped Bitcoin (BTC), to reclaim $26,000 mark on Friday. However, the momentum was lost over the week-end and as such the largest cryptocurrency by market capitalisation recently seen trading at $25,709.40, a loss of 0.60%. Ethereum (ETH) followed the suite. The second largest crypto in market value, was quoting 1.42% higher in the last 24-hours to $1,608.51.
It may be recalled that, before FASB tweaking accounting norm, companies were required to mark crypto holdings at the lowest value they hit during a quarter.
In a broader markets, there are some bright spots emerged from altcoins. Pomerdoge (POMD) has entered an exciting presale phase successfully navigating concerns about other tokens especially Binance (BNB) and Ripple (XRP) facing regulatory hurdles.
Overall sentiment remain bearish. As such, the global crypto market cap lost 0.65% to $1.04 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 50.04% to $20.28 bn. The total volume in DeFi is currently $1.78 bn and all stablecoins $18.4 bn, representing 8.8% and 90.73% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.19% to 48.57%.
IC15 index, the barometer of top fifteen tokens, decreased 0.62% to 33,631.12.
Meanwhile, a new crypto scam surfaced showing a perils of social media platforms. A recent twit of $25 million crypto giveaway by the Grayscale Bitcoin Trust (GBTC), was a obvious scam, as per Grayscale spokesperson.
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