Bitcoin Plunges Below $28.5K; Altcoins Witness Selloff
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have extended their recent slide while altcoins are subject to massive selloff, as the summer slump in trading activity apply pressure. During early Thursday Asian session, Bitcoin (BTC) slumped below $28,500 level – the lowest since Aug 7. Recently, BTC was trading 2.48% lower at $28,484.51. Ethereum (ETH), the second largest crypto in market value, continued with its downward spiral. It was recently changing hands at $1,790.48, a drop of 2.06%.
BTC, the largest cryptocurrency by market capitalisation has struggled in recent times and is confined to the directionless movement with prices surrendering key support levels.
Liquidation pressure has dealt a severe blow to altcoins and hence they vastly underperformed broader markets. Solana’s SOL, dogecoin (DOGE) and Polygon’s MATIC are each down between 5% and 7% over the past 24 hours.
Interestingly, analysts still maintain positive outlook on leading digital assets. They pin hope on SEC approving spot bitcoin ETF, which could see the price jump more than five-fold from current levels.
The global crypto market cap, decreased 2.03% to $1.14 tn, over the last 24-hours. On the other hand, the total crypto market volume rose 15.48% to $34.58 bn. The total volume in DeFi is currently $2.67 bn and all stablecoins $31.68 bn, representing 7.71% and 91.60% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.13% to 49.12%.
IC15 index, the barometer of top fifteen tokens, eased 0.11% to 37,524.
Meanwhile, the strong U.S. GDP growth forecast and the release of the minutes from the U.S. Federal Reserve’s July meeting of its Federal Open Market Committee (FOMC) have dented investor sentiment. The 10-year Treasury yield increased five basis points to 4.27%, its highest level of 2023 and within a few ticks of a 15-year high. That pinched stocks, with the Nasdaq falling another 1.15%, bringing its total losses in August to about 6%.
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