Bitcoin, Ether Hold Steady Tone
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have maintained steady tone in the last 24-hours even as regulators continue to talk tough while trying to tighten the noose around this highly volatile asset class.
In recent times, investors continued to reel from the Securities Exchange Commission’s (SEC) lawsuits versus Binance and Coinbase.
As a result, Bitcoin (BTC) slumped towards $25K. Others, too followed it lower. But, investors seems to have shrugged off fears of regulatory action. That helped most of the tokens to stage a comeback. Bitcoin, the largest cryptocurrency by market capitalisation, recently traded 0.18% higher at $26,460. Ethereum (ETH) was seen changing hands at $1,845.
The global crypto market cap is $1.1 tn, a 0.49% increase over the last 24-hours amid 35.40% decrease in the total crypto market volume to $25.96 bn. The total volume in DeFi is currently $2 bn, or 7.70%, while that of all stablecoins is $24.62 bn, or 94.84%.
Bitcoin’s dominance is currently unchanged at 46.56%.
IC15 index, the barometer of top fifteen tokens, edged 0.13% up at 37037 points.
Investor focus is now shifting to next week’s FOMC meeting which will set the tone for broader markets. According to the CME Fedwatch tool, the probability that interest rates will remain at the current target rate of 5%-5.25% is 71.4%, down from 72.5% a day prior.
Meanwhile, the Thursday’s jobs data savor positivity into crypto trade. Initial jobless claims in the United States rose to 261,000 for the week ended June 3, versus expectations of 235,000. The spike pushed initial jobless claims to their highest level since October 2021, a sign that a persistently tight labor market may be loosening.
Such weakening would increase the likelihood of the U.S. central bank pausing its nearly year-long streak of interest rate hikes, which would probably be positive for asset prices.
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