Bitcoin Hovering Near $64K; Tech Giant Ramp Up Hope
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have managed to pare losses in the last 24-hours as stronger-than-expected earnings from Microsoft and Alphabet helped overcome negative sentiment. In the previous session, Facebook parent company Meta’s poor earnings performance had caused a widespread sell off in equities and other risky assets.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, recouped some of the losses inline with the tech stocks recovery. The top coin was hovering above $64.000 mark and was recently trading at $64,292 down 0.4%. Yet, it has given entire gains accumulated in the last three days post halving.
Although, the strong earnings performance of technology stocks ramped up hopes of perky demand for artificial intelligence based technology, this will keep supporting tech earnings in the coming quarter, the immediate term market focus remains on U.S. inflation and interest rates decision. The sticky inflation data has led traders to steadily priced out expectations of early interest rate cuts by the Fed. That leads to the creation of a hazy scenario for risky assets such as equities and crypto.
Nonetheless, the broader crypto markets are shaping up to seize the opportunities for high-return.
Ethereum (Ether), the second largest cryptocurrency by market capitalisation, was held below $3,200 level. It recently changed hands at $3,139 losing 0.7%.
Elsewhere, SOL, ADA, AVA, XRP, alongside certain meme coins quoted in the negative territory.
The global crypto market cap increased 0.01% to $2.38 trillion in the last 24 hours. On the other hand, the total crypto market volume fell 6% to $80 billion. Total volume in DeFi is currently $6 billion, and all stablecoins are $75 billion, representing 7% and 94%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.4%, up 0.04% over the day.
The IC15 index, the barometer of the top fifteen tokens, eased 0.5% to 80,544.
Meanwhile, the spotlight has turned to stablecoins recently as the U.S. lawmakers deliberate new law to regulate these coins that are backed by fiat currency and offered by non-U.S. entities. Diving into the opportunity on likelihood of regulatory oversight is the payment processor – Stripe. It has decided to reintroduce crypto payments later this year, initially only for Circle’s USDC stablecoin, on the Solana, Ethereum and Polygon blockchains.
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