Bitcoin Holds $30K
By Laxmikant Khanvilkar
After two straight days of gains, prices of virtual digital assets (VDA) have encountered a resistance. The euphoria over spot bitcoin ETF was replaced by economic growth worries and global central banks move to check inflationary pressure.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, stalled. BTC was recently trading at about $30,018.80, down 0.12%. Ether (ETH), the second largest crypto in market value, followed a similar path to BTC, dipping around the time of the BitGo announcement via Twitter but then regaining ground to recently change hands near the $1,876.71, down 1.93%.
Most other major cryptos were largely in the green, albeit not as impressively as the previous day. ADA and DOT, the tokens of smart contract protocols Cardano and Polkadot, were up more than 2% and 1%, respectively.
The global crypto market cap edged 0.29% lower over the last 24-hours to $1.17 tn. Simultaneously, the total crypto market volume has decreased 26.57% to $44.03 bn. The total volume in DeFi, currently $2.96 bn, and all stablecoins $41.43 bn, represents 6.72% and 94.11% respectively of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.86%, an increase of 0.14% over the day.
IC15 index, the barometer of top fifteen tokens, eased 0.3% to 39,857.
U.S. stock indexes were mixed with the tech-heavy Nasdaq Composite and S&P 500 rising 0.8% and 0.2%, respectively, but the Dow Jones Industrial Average (DJIA) ticking down slightly.
Meanwhile, investors seemed to shrug off the Bank of England’s 50 basis point (bps) rate hike, which veered from other central banks’ recent dovishness. Inflation in the U.K. remained at a stubbornly high 8.7% in May.
Analysts are saying that Bitcoin needs to lead the charge higher over the next few days for momentum buying to kick in. They expect the U.S. regulator to approve spot Bitcoin ETF application of either BlackRock’s or any of the flurry of other recent filings. It is clear that a large number of heavyweights in traditional finance want exposure to the digital asset industry more generally.
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