Bitcoin Limps Near $23k Amid Rate Hike Prospect
By Laxmikant Khanvilkar
The prospect of higher-for-longer interest rates to damp inflation continues to weigh on risky assets. Cryptocurrencies too getting their share of pounding as investors run for cover in safe haven assets such dollar and treasuries.
Bitcoin edged down about 0.28% on Tuesday to trade at roughly $23,438. Second-ranked Ether fell 0.56% to $1,628.
The rally observed in cryptocurrencies over the last two months has subsided with the jump in the largest digital token has withered to about 2% and pales compared to January’s 39% surge.
The global crypto market capitalization has decreased by 0.44% in the last 24 hours, now standing at $1.07 tn. The total crypto market volume for this period has increased by 31.12%, amounting to $45.23 bn. Decentralized finance (DeFi) accounts for 10.94% of the total volume, now at $4.95 bn, while stablecoins make up the remaining 89.17%, currently standing at $40.33 bn. Bitcoin’s dominance has also seen an increase of 0.14%, now at 42.30%.
The words of caution is coming from Arthur Hayes, Co-Founder and former CEO of crypto derivatives exchange BitMEX. He warned that a massive cryptocurrency price correction is on the cards. But, he noted that after it there could be a sustained bull run he is “super bullish” about.
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