Bitcoin Edgy Near $26.1K Mark; Jackson Hole In Focus
By Laxmikant Khanvilkar
The leading virtual digital assets (VDA) are witnessing steady tone as selling pressure experienced last week-end has tapered down while prices of the leading tokens appears to have slid below their fundamentals triggering buying interest.
Analysts have pointed out at low volatility and three unfilled gaps – two at the top and one at the bottom – are key indicators, as indicators of price recovery sooner.
Bitcoin (BTC) and Ethereum (ETH) have led the comeback trail, even though they are languishing in negative zone as of now.
BTC, the largest cryptocurrency by market capitalisation, reclaimed $26,000 mark, after having hit lowest since June on Monday. It has since recovered and was recently trading 0.13% lower at $26,103. ETH, the second largest crypto in market value, was recently changing hands at $1,667.11, down 0.90%.
On the other hand, altcoins such as XRP, litcoin are showings signs of stabilisation.
The global crypto market cap, eased 0.71% to $1.05 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 33.65% to $29.19 bn. The total volume in DeFi is currently $1.99 bn and all stablecoins $27.88 bn, representing 6.82% and 91.51% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.25% to 48.24%.
IC15 index, the barometer of top fifteen tokens, decreased 0.47% to 34,307.51.
Meanwhile, this week, the Kansas City Federal Reserve will address the annual Jackson Hole Economic Symposium, which will be followed by a keynote speech Friday morning from U.S. Federal Reserve Chairman Jerome Powell. An insight into rate trajectory will definitely impact Bitcoin and others. Higher rates will prompt investors to buy bonds while lower rates makes a case for risky assets.
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