Bitcoin Floats Above $66K; US Jobs Data Eyed
By Laxmikant Khanvilkar
Virtual digital assets (VDA) prices are frequenting bouts of buying and selling both as investors react to mixed cues. Softer than expected report on March growth in the U.S. service industry and another coming after Federal Reserve Chairman Jerome Powell hopeful of rate cuts this year despite continued perkiness in both inflation and the economy influenced modest rally. The leveraged trade, on the other hand, is building a case for the long haul in the near future.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, rose above 66,000 mark after gruelling past two sessions. The top coin was recently trading at $66,284 up 1.5%.
Interestingly, the net inflows into the new spot ETFs have slowed down in the past couple of weeks, suggesting that the investors are eyeing macro indicators for price direction. Friday morning’s U.S. Nonfarm Payrolls data will be this week’s climax event.
The broader crypto markets are navigating mixed investor sentiment.
Ethereum (ETH), the second largest cryptocurrency by market capitalisation, manages stay afloat above $3,300 level. It recently hanged hands at $3,323 adding 1.8%.
Elsewhere, bitcoin cash (BCH), litecoin (LTC), XRP, ADA, Dogecoin were languishing in the negative zone.
The global crypto market cap increased 0.8% to $2.49 trillion in the last 24 hours. On the other hand, the total crypto market volume fell 23.6% to $101 billion. Total volume in DeFi is currently $12 billion, and all stablecoins are $93 billion, representing 12% and 93%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.3%, up 0.1% over the day.
The IC15 index, the barometer of the top fifteen tokens, rose 1.7% to 84,332.
Meanwhile, leveraged trades are presenting a peculiar scenario with a notable absence of put options being traded. According to data from Greekslive, the majority of trades yesterday were calls, indicating a bullish sentiment prevailing in the market.
The situation was particularly striking in the Ethereum options market, where call option trades constituted a staggering 90% of the total trades—a level of extreme share rarely witnessed.
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