Bitcoin, Ether Edge Lower As Focus Turns To CPI Data
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have started the week on a somber note with leading protocols moving sideways after the recent rally to top ran out of fuel and the market participant focus turning to the U.S. CPI data.
Profit taking at high levels in risky assets and expectations of hawkish signals on U.S. interest rates from the Federal Reserve helped rein in investor optimism.
In the previous session, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, made yet another attempt to break through $70,000 mark, which met a fresh liquidation pressure. As such, it turned lower to hover near $68,000. BTC was recently trading at $67,923 down 1.2% in the last 24-hours.
Though, bitcoin’s prospects are bolstered by favourable underlying fundamentals and upcoming halving event, the hope for rising institutional participation and hedge against inflation are leading fund flow in the asset class.
Ethereum (ETH) is closing in on $4,000 mark. The second-largest crypto asset recently exchanged hands at $3,839 losing 2.6% over the last 24-hours. Ether was joined by solana (SOL), Cardano’s (ADA), to report losses.
The global crypto market cap increased 0.17% to $2.61 trillion in the last 24 hours. The total crypto market volume rose 25.6% to $110.9 billion. Total volume in DeFi is currently $10.7 billion, and all stablecoins are $98.7 billion, representing 9.6% and 89%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.9%, up 0.28% over the day.
The IC15 index, the barometer of the top fifteen tokens, edged up 0.14% to 88,377.
Meanwhile, BlackRock iShares Bitcoin ETF (IBIT) has amassed more bitcoin than MicroStrategy (MSTR).
According to the fund’s latest disclosure, IBIT held 195,985 bitcoin on Friday after another day of significant inflows. The most recent public statements from MicroStrategy show the company as of Feb. 26 held 193,000 tokens. Michael Saylor led company is raising $700 million to purchase more bitcoin.
The race to buy bitcoin is seems to have begun with billionaire hedge fund manager Bill Ackman considers buying bitcoin due to compelling scenarios that could lead the Satoshi Nakamoto founded VDA to higher level.
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