Bitcoin Falls Below $44K; Inflation In Focus
By Laxmikant Khanvilkar
Investors of virtual digital assets (VDA) have opted for wait and watch mode in the last 24-hours, as focus turns to key U.S. inflation data as well as December quarter earning release by banks. Further, the update on spot bitcoin ETF approval from the Securities Exchange Commission (SEC) is still awaited.
The delay caused prices of Bitcoin (BTC), Ethereum (ETH) to move lower and volume to dip further.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, slipped below $44,000 mark. It is currently trading at $43,688 a loss of 0.9%. Ethereum (ETH), the second largest cryptocurrency, was recently changing hands at $2,202, losing 2%.
This week, the focus will shift to inflation data and bank earnings releases. The Federal Reserve’s dovish stance that caused year end rally seems to have fizzled out after the robust December jobs report. Traders are least expecting for more flutter in the inflation data. That could potentially trigger a negative sentiment.
Hence, broader market participation stayed muted while the large-cap tokens such as XRP, Solana, Cardano, Dogecoin, etc are witnessing price readjustment.
The global crypto market cap decreased 1.3% to $1.63 trillion in the last 24 hours. On the other hand, the total crypto market volume rose 5.4% to $48.1 billion. Total volume in DeFi is currently $5.1 billion, and all stablecoins are $39.3 billion, representing 10.6% and 81.7%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.7%, up 0.5% over the day.
The IC15 index, the barometer of the top fifteen tokens, lost 1.2% to 54,809.
Meanwhile, the spot bitcoin exchange-traded funds (ETFs) issuers namely BlackRock, Grayscale, Fidelity, others have amended 19b-4 filings and they hope to get SEC approval soon. More than a dozen applicants hope to launch the first spot bitcoin ETFs in the U.S.
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