Bitcoin eyes $27K amid spot ETF launch prospect
Virtual digital assets or VDA are witnessing a relatively calm session in the past 24-hours. With a couple of funds trying to launch spot Bitcoin (BTC)-backed exchange traded funds (ETFs), the race to grab the slice of the “crypto pie” is hitting up. However, China announcing its first rate cut in 10 months dampened the spirit.
BTC struggled to gather upside direction. The past 24 hours saw Bitcoin’s price attempt to break the significant psychological and technical area of $27,000. The bulls were initially able to take the price above the level, but they failed to sustain the buying momentum, and BTC dropped below it.
IC15 index, the barometer of the top 15 tokens, was last quoting at 37,176 points, up 0.89%.
Futures linked to the S&P 500 ticked higher by 1.23%, while Nasdaq 100 futures edged lower by 0.38%. Futures tied to the Dow Jones Industrial Average were quoting 0.33% soft.
Elsewhere, the People’s Bank of China (PBOC) lowered the one-year and five-year loan prime rates by 10 basis points (bps) to 3.55% and 4.3%, respectively.
Meanwhile, the US dollar remains weak after a “hawkish pause” by the US Fed, with the US dollar index sliding below 102.50.
In other news, BTC has scored half a century as it reached 50% market dominance for the first time in 2 years. This means, Bitcoin alone accounts for half of crypto’s total $1.1 trillion dollar market capitalization. Bitcoin’s dominance is the metric which tracks its share relative to that of the rest of the market.
Bitcoin, the largest cryptocurrency by market value, changed hands 1.45% higher at $26,774.
Ethereum (ETH), the second largest cryptocurrency by market value, recently quoted at $1,728.46, up 0.21%.
Most of the altcoins are trading flat without any major increases (or decreases) in price.
From the large-cap cryptocurrencies,
Solana (SOL) is up 2.58% at $15.92.
Polygon Matic quoted 1.27% higher to $0.61.
Dogecoin edged 0.03% up at $0.062
Avalanche AVAX was trading at $11.39, up 0.71%
Ripple’s XRP is down 0.92%, at $0.48
BNB has eased 0.60% to trade at $240.90
Shiba Inu was trading down by 0.28% at $0.000007
Cardano’s ADA token was lower 0.08% to trade at $0.26
Polkadot was down by 1.24% to trade at $4.47
You need to login in order to Like
