Bitcoin Hovers Near $30.5K
By Laxmikant Khanvilkar
After posting strongest weekly gains, the leading virtual digital assets (VDAs) were quoting absolutely flat during the early Asian trade on Monday. Bitcoin (BTC), was last changing hands at $30,523 level, up 0.05%. Ethereum (ETH) quoted 1.24% strong at $1,896.
BTC’s price increased 15% last week. The largest cryptocurrency by market capitalisation, hit a one-year of $31,300 level, while it led the bounce in most VDAs, hurtling toward its strongest performance since March. Ether is following suit, and still has yet to post a losing month for the year.
What’s driving the price! The exclusion of bitcoin and ether from a list of digital assets mentioned in U.S. Securities and Exchange (SEC) lawsuits against crypto exchange giants Binance and Coinbase, followed by the spot bitcoin ETF filings by BlackRock, Invesco and WisdomTree. Further, the rising jobless claims, a sign that the U.S. central bank’s hawkish monetary policy is slowing the economy, have also been encouraging.
The global crypto market cap gained 0.55% to reach $1.19 tn over the last 24-hours. The total crypto market volume increased 3.47% to $31.93 bn, during the same period. The total volume in DeFi is currently $3.85 bn and that all stablecoins is $28.44bn, representing 12.05% and 89.06% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.89%, a decrease of 0.22% over the day.
IC15 index, the barometer of top fifteen tokens, stands marginally higher, 0.04%, to 40,286.
Going forward, the crypto markets will remain focused to legal battles between SEC and crypto exchanges. Last Friday, Coinbase won a reprieve from the U.S. Supreme Court, after the high court ruled that a lawsuit filed by one of the exchange’s users couldn’t proceed until Coinbase defends an appeal of a lower court ruling.
Macroeconomic data will be light, with the notable exception of Friday’s Personal Consumption Expenditure (PCE) report.
You need to login in order to Like
