Bitcoin Hits A Lull As Investor Favour Altcoins
By Laxmikant Khanvilkar
Leading virtual digital assets or VDAs are struggling to make large moves, as the analyst suggest, they have failed in their attempt to break out of the current logjam. The prices are stuck in range amid downward bias due to the duality problem, i.e. the altcoins season and liquidity pressure. Further the concerns of the U.S. government default weighs on investor sentiment.
Against the backdrop, Bitcoin (BTC) and Ethereum (ETH) continued to hover around the $27,000 and $1,800 levels, respectively.
Bitcoin is currently trading at $27,392.02, with a 24-hour trading range sitting between $26,590.05 and $27,416.89. The flagship cryptocurrency is up roughly 1.5%. Ether is flat at $1,823.86.
In the recent past, the Crypto price action has been relatively subdued, despite volatility coming back a bit due to thin liquidity in the market, analysts have pointed out.
The global crypto market cap increased 0.75% to $1.14 tn over the last 24-hours. The total crypto market volume during the same period has improved 20.76% to $34.42 bn. The total volume in DeFi is currently $2.39 bn, or 6.94% of the total crypto market volume. The volume of all stablecoins is now $31.56 bn, which is 91.70% of the total crypto market volume. Bitcoin’s dominance is currently 46.59%, an increase of 0.11% over the day.
IC15 index, the barometer of top 15 tokens, was last quoting at 37,883.02, up 0.74%.
Meanwhile, Tether – the issuer of the $82 billion USDT stablecoin, reported $1.48 billion of net profits in 2023 Q1 and revealed $1.5 billion in BTC holdings. The company has decided to buy Bitcoin for stablecoin reserve using profit. Another stablecoin issuer, Circle has ditched Treasury bills that mature beyond May 31, rotating assets to cash and overnight repurchase agreements instead. The move underline the fears of U.S. government default.
Elsewhere, an Indian crypto exchange and a policy firm have separately asked the government to let crypto firms access the national Unified Payments Interface (UPI) after it was ostensibly suspended in 2022.
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