Bitcoin hovers near $43K; rally catches a breather
By Laxmikant Khanvilkar
The virtual digital assets (VDA) are consolidating during the Asian trade after the latest decision by the global central banks on the interest rates, driving risky assets prices higher, is seems losing power. Also, JP Morgan advising for caution as it sees the regulatory approval for spot BTC ETF in the near term to trigger buy-the-rumor/sell-the-fact effect.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, continues to hover near $43,000 mark. It was recently trading at $42,940, gaining 0.2%. Ether (ETH), the second largest cryptocurrency, was changing hands at $2,299, up almost 2% in the same period. The token has outperformed BTC and is seeing increased activity due to perceived benefits from upgrades.
Interestingly, Bitcoin prices soared to 20-month high recently, still they are down close to 4% this week.
Broader market space is buoyed by the Fed’s latest interest rate decision. Large-cap tokens of Avalanche (AVAX), Binance, XRP, Dogecoin were sitting in gains.
Apparently, the global crypto market cap increased by 1.3% to $1.63 trillion in the last 24 hours. The total crypto market volume grew 48.3% to $104.7 billion. Total volume in DeFi is currently $7.8 billion, and all stablecoins are $61.2 billion, representing 7.5% and 58.5%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.85%, down 0.34% over the day.
The IC15 index, the barometer of the top fifteen tokens, gained 1% to 54,706.
Meanwhile, the Basel Committee for Banking Supervision proposed tightening the criteria governing stablecoins in order to ensure that stablecoins’ reserve assets have the short-term maturity, high credit quality and low volatility. These proposals would help stablecoins meet holders’ expectations for redemption.
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