Bitcoin Hit By Risk-Off Sentiment
By Laxmikant Khanvilkar
Leading cryptocurrencies have stepped back, losing more than a percent in the last 24-hours, as investor focus shifted to key data events this week. Similar tone was witnessed on other financial markets. Broader markets in the U.S. are trading soft. Dow Jones Futures were down 0.2%, S&P 500 Futures fell 0.3% and Nasdaq 100 Futures lost 0.4%.
In the week ahead, traders will remain focused on a slew of earnings results apart from the closely watched events will include December’s trade balance, wholesale inventories, jobless claims and Michigan’s consumer expectations and sentiment surveys. In addition, speeches from the Fed’s Powell and Waller as well as FOMC member Williams will also be monitored for clues into the future path of interest rates.
Bitcoin was most recently down 0.89% to $23,059. Ethereum lost 1.37% to trade near $1,640.
The global crypto market cap has declined 1.16% in the past 24 hours, bringing it to a total of $1.07 tn. This has been accompanied by an increase in total crypto market volume of 25.77% to $48.52 bn. Of this, DeFi makes up 10.96%, with a total volume of $5.32 bn, while stable coins compose 86.68% of total crypto market volume, standing at $42.05 bn. Bitcoin continues to dominate, with a current dominance of 41.52%, a 0.01% increase from the previous day.
Meanwhile, the fight between Indian crypto exchange WazirX and Binance took an ugly turn. WazirX is told to move all its funds from Binance.
Local traders will keep an eye on the RBI’s monetary policy meeting, starting today, along with its interest rate hike decision and the commentary on future rate hike actions.
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