Bitcoin Gyrates Near $41K; Fund Outflow In Focus
By Laxmikant Khanvilkar
Virtual digital assets (VDA) market continue to witness a downward trend in the price of key projects as optimism related to spot bitcoin (BTC) launch has faded into oblivion while investor activity remained focused on fund outflows.
Amid difficult scenarios, the price of bitcoin has continued to slide lower and is not far from the critical $40,000 support level. It currently standing at $41,619. This represents a slight decrease on the day and a more significant drop over the past week.
Ethereum (ETH), the second largest cryptocurrency, slipped below $2,500 level. It was recently changing hands at $2,460 losing 0.15%.
Investors are closely watching bitcoin’s performance particularly as it hovers near this pivotal price point. The initial enthusiasm that emerged with the ETF launch has not had a lasting effect on Bitcoin’s valuation, contrary to what some market participants might have expected.
Broader market hardly staying insulated from the bitcoin influence. Although, some pockets are trying to defy the gravity.
The global crypto market cap decreased 0.2% to $1.64 trillion in the last 24 hours. On the other hand, the total crypto market volume declined 14.3% to $30.2 billion. Total volume in DeFi is currently $3.8 billion, and all stablecoins are $26.1 billion, representing 12.6% and 86.6%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.8%, showing an increase of 0.03% over the day.
The IC15 index, the barometer of the top fifteen tokens, eased 0.4% to 54,491.
Meanwhile, analysts remain hopeful about Bitcoin’s future, especially with the approaching halving event in April. Historically, such events have led to bullish market sentiment. Hence, the market’s focus now shifts from the short-lived ETF excitement to the potential impact of the halving. This event, which occurs approximately every four years, reduces the reward for mining new blocks of Bitcoin by half, effectively limiting the supply and potentially increasing the price if demand remains constant.
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