Bitcoin Holds $29K Amid Bank Jitters
By Laxmikant Khanvilkar
Virtual digital assets witnessed wild price swing in the last 24-hours with prices making huge moves at the either side of the bar as liquidation pressure prompt sell-off while potential curb on First Republic Bank and the tech companies earnings beat spurred bouts of buying activity.
Bitcoin, the largest cryptocurrency by market capitalisation, slumped towards $27,000 mark after crypto trading giant Jump Trading deposited $26.6 million of BTC to exchanges.
Sending tokens to exchanges usually indicates an intention to sell.
BTC has recovered to currently change hands at $29,200 after Meta announced January-March quarter earnings that have bettered the streets expectations.
Ether (ETH) was recently trading at $1,922, up nearly 3%. The second-largest crypto in market value soared as high as $1,984 before dipping to a low of $1,789 Wednesday afternoon – its lowest price since the first part of April.
The global crypto market cap increased 1.76% to $1.21 tn over the last 24-hours. Total crypto market volume over soared 63.35% to $65.34 bn. The total volume in DeFi stands at $4.93B, accounts 7.55% of the total crypto market 24-hour volume. Stablecoin volume now $58.89 bn, is 90.13% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 46.88%, an increase of 0.52% over the day.
IC15 index, the barometer of top 15 tokens, has improved 1.6% to 39,344 points.
Meanwhile, traders endured losses of $310 million from liquidations in the past 24 hours, according to Coinglass data, as the wild swing in crypto prices liquidated both long and short positions.
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