Bitcoin Gains; JPM Sees Steady Fund Inflow
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have notched up gains over the past 24-hours as the market seems to have absorbed most of the contrarian bets triggered by “sell-the-news” event, the much-awaited approval of a spot exchange-traded fund (ETF), amid optimism driven by leading investment bank, JP Morgan anticipating significant fund inflow in the newly launched spot bitcoin (BTC) ETF.
This newest investment product was used by traders to dump the largest cryptocurrency by market capitalisation, which gained 80% since last October.
After hitting $49,000 on the day SEC approved spot BTC ETF, the token slumped towards $41,000 mark. BTC has retreated to current level of $42,582 up 0.8%.
Ethereum (ETH), the second largest cryptocurrency, was floating above $2,500 level. It was recently changing hands at $2,507 gaining 0.5%.
From the day SEC announced its decision, there’s conflicting views expressed by analysts over its near term implications. Some believe price of a bitcoin to tank while other section remained optimistic. One thing common among analysts was altcoins gaining traction due to spillover effect, which is reflected in the broader market movements. Large-cap tokens such as Binance, Avalanche, Dogecoin, Tron, etc are trending higher.
Apparently, the global crypto market cap increased 1.1% to $1.68 trillion in the last 24 hours. Simultaneously, the total crypto market volume fell 11.8% to $55.7 billion. Total volume in DeFi is currently $4.7 billion, and all stablecoins are $51.5 billion, representing 8.4% and 92.5%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.8%, up 0.03% over the day.
The IC15 index, the barometer of the top fifteen tokens, rose 0.9% to 55,925.
Meanwhile, an interesting update is released by Crypto issuer Circle. It witnessed a surge in remittances flow through Asia via its USDC stablecoin. The latest report highlights the use of cryptocurrency beyond speculative trading.
USDC is a cryptocurrency pegged to the value of the U.S. dollar, and backed by liquid cash and cash-equivalent assets.
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