Bitcoin Hovers Near $28.4K; Mining Activity Grows
By Laxmikant Khanvilkar
Bitcoin, the most popular private virtual digital asset (VDA) , has reclaimed $28,400 level amid growing trade participation. The leading coin has attracted interest of miners in recent months due to the price recovery experienced since the turn of the year.
However, some of the technical parameters are pointing to an impending roller coaster ride in the near term.
Bitcoin has rebounded to $28,400 level in the last 24-hours following the latest U.S. employment data, which supports the Federal Reserve to raise rates in the next meeting.
Further earnings season on the horizon and depressed banking sector performance prospects, is keeping investors away from equities and in-searching of safe investment avenues. The extended weekend led to increased activity in VDA’s.
The global cryptocurrency market capitalization has increased by 0.89% in the past 24-hours, reaching a total of 1.19 trillion dollars. The total crypto market volume has increased by 8.51%, amounting to 29.64 billion dollars. Decentralized finance (DeFi) accounts for 10.57% of the total crypto market volume with 3.13 billion dollars. Stablecoins accounts for 25.73 billion dollars, which is 86.80% of the total crypto market’s volume. Bitcoin’s dominance in the market has risen by 0.22%, making it 46.20% of the total crypto market.
Meanwhile, the Circle Internet Financial’s USDC stablecoin, which is the second-largest stablecoin at $42 billion of market cap, depegged from the U.S. dollar as contagion from the collapse of Silicon Valley Bank spreads.
You need to login in order to Like
