Bitcoin Dives Near $29.2K On Likely Action Against Binance
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) took a hit on their chin during the U.S. trade and now appears start Asian session on a rather calm note as investors have absorbed the news report by website Semafor suggesting that Binance could face Federal criminal charges.
Bitcoin (BTC) returned to its $500 trading range observed since the last week of July and was recently quoted 1.82% lower at $29,199.23.
On Wednesday, BTC scaled past $30,000 on Wednesday amid reports of a Fitch downgrade of U.S. Treasurys and MicroStrategy plan to purchase more bitcoin.
Ether (ETH), the second largest crypto in market value, was recently changing hands at $1,840.78, down 1.46%.
Other major cryptos were largely in the red a day after swooping upward amid a wider market upturn. UNI, the token of the Uniswap decentralized exchange, and bitcoin spinoff BCH, were recently down more than 6% and 5%, respectively.
The global crypto market cap, decreased 1.81% to $1.17 tn, over the last 24-hours. Simultaneously, the total crypto market volume eased 9.08% to $37.03 bn. The total volume in DeFi is currently $3.12 bn and all stablecoins $34.83 bn, representing 8.04% and 94.06% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.03% to 48.48%.
IC15 index, the barometer of top fifteen tokens, slumped 1.78% to 38,580.
Meanwhile, analysts have pointed out that the current scenario suggest too many influencing factors at play, which include corporate investments, regulatory advancements, macroeconomic shifts, and potential for increased accessibility through financial products like ETFs. Next year’s Bitcoin halving is a milestone event and a potential catalysts for price movement. Staying updated on such news inflow can help traders to wade out the current period and not get obscured by the range trade, which is a precursor to more substantial market movements.
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