Bitcoin Moving Towards $31K Amid Investor Support
By Laxmikant Khanvilkar
Virtual digital assets (VDA) are growing strength by strength on increased support from the investor buying as well as asset management companies determined to secure regulatory approval for spot Bitcoin (BTC) exchange-traded fund (ETF).
The big money continues to flow into this hard-to-categorise asset class. Apparently, the largest cryptocurrency by market capitalisation made an attempt to reclaim $31,000 mark. However, it turned lower on stubborn Securities Exchanges Commission (SEC) stance against spot ETFs.
Yet, BTC continues with maintaining its strong posture, quoting 0.23% higher at $30,644. Ethereum (ETH), the second largest cryptocurrency, was changing hands at $1,936 level, up 0.82%.
Talking about big investor money inflow, Michael Saylor’s Microstrategy has bought an additional 12,333 bitcoins for around $347 million, bringing its total to 152,333 bitcoins. HSBC Hong Kong, a subsidiary of one of the world’s largest banking and financial services organizations, has recently added support for Bitcoin and Ethereum futures ETFs as well.
As bitcoin moved higher, that spark has reverberated across entire crypto sector.
The global crypto market cap rose 0.61% to $1.2 tn, over the last 24-hours. Similarly, the total crypto market volume grew 5.11% to $30.04 bn. The total volume in DeFi is currently $2.55 bn and that of all stablecoins is now $26.51 bn, representing 8.50% and 88.24% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.44%, a decrease of 0.13% over the day.
IC15 index, the barometer of top fifteen tokens, edged up 0.01% at 40,430.
U.S. stock futures were trading mixed, after ending higher on Friday as weakening PCE prices boosted investor sentiment. Dow Jones Futures were down 0.1% while S&P 500 Futures and Nasdaq 100 Futures were flat.
Elsewhere, on Friday, Cboe’s BZX Exchange has engaged crypto exchange Coinbase as the market for its surveillance-sharing agreement, the refiled application for the spot bitcoin exchange-traded (ETF) fund applications showed. In fact, Coinbase will provide surveillance services to several would-be bitcoin ETF issuers as well.
Fidelity, WisdomTree, VanEck, ARK Invest, Galaxy/Invesco and BlackRock all filed for spot bitcoin ETFs over the past few weeks.
You need to login in order to Like
