Bitcoin Rallies Near $26K Mark
By Laxmikant Khanvilkar
The leading virtual digital assets or VDAs prices rose during Wednesday Asia trade, drawing support from another top investment bank – Franklin Templeton filing spot BTC ETF application with the Securities Exchange Commission (SEC), putting further pressure on markets regulator to mend its stance against the private digital currencies. With Franklin joining the likes of BlackRock, Fidelity and others, the total asset under management chasing VDA stands at a whopping $17.71TN.
Another factor aided VDA price recovery was analysts terming fears of the FTX-spurred crypto crash as “overblown”.
Short squeeze triggered by derivative positions squaring also helped in staging a recovery.
Bitcoin (BTC), the world’s most valuable cryptocurrency, has recouped most of the previous session loss when it touched a six-month low at $24,951. It was recently trading at $25,941.27, up 2.91%. Ethereum (ETH), the second largest crypto in market value, was quoting 2.68% higher in the last 24-hours to $1,598.20 – touch below $1,600 mark.
The broader markets reflected a similar tone.
Ripple (XRP), Solana (SOL), Caradano (ADA), Binance token collecting gains.
As such, the global crypto market cap rose 2.37% to $1.03 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 9.17% to $35.51 bn. The total volume in DeFi is currently $2.05 bn and all stablecoins $33.43 bn, representing 5.78% and 94.13% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.25% to 48.93%.
IC15 index, the barometer of top fifteen tokens, jumped 2.82% to 33,560.29.
Meanwhile, London-based HSBC, one of the largest banks in the world, is believed to be working with cryptocurrency custody technology firm Fireblocks, to provide custodial services. HSBC, which holds about $3 trillion in assets, lets customers of its Hong Kong branch trade in bitcoin (BTC) and ether (ETH) exchange-traded funds.
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