Bitcoin Rallies Past $28K
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have staged a resounding comeback in the last 24-hours led by large institutional investor participation prospect, triggering a huge short liquidation – the largest this month.
Apparently, Bitcoin (BTC) surpassed the $28,000 mark, indicating a notable recovery from previous challenges. More recently, the largest cryptocurrency by market capitalisation, trader 5.28% higher at $28,415. Ethereum (ETH) was quoting at $1,799.96 level, up 3.28%.
This resurgence comes in the wake of significant regulatory pressures faced by Bitcoin concerning the SEC lawsuits against major platforms Coinbase and Binance.
In a more optimistic development, the prospect of BlackRock’s Bitcoin spot ETF has emerged, potentially providing a significant boost to the cryptocurrency market.
Meanwhile, the ETH/BTC ratio has continued its downward trend, currently sitting at 0.063, near its lowest point year-to-date. This reflects the continued strength of Bitcoin relative to Ethereum.
Additionally, Bitcoin’s open interest has been on an upward trajectory. According to CoinGlass data as of June 20, about 466,000 Bitcoin are tied up in open interest contracts. This marks the highest volume since March, suggesting an increased market commitment to the premier cryptocurrency.
The optimism reflects in increased global crypto market cap at $1.12 tn, up 3.83% over the last 24-hours. The total crypto market volume jumped 53.60% to $40.26 bn. DeFi volume is currently $2.39 bn, or 5.94% while the volume of all stablecoins is $37.94 bn, which is 94.22% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.16%, an increase of 0.73% over the day.
IC15 index, the barometer of top fifteen tokens, gained more than 3% to 38,469.
Interestingly, the positive news flow continue to trickle in. Banking giant Deutsche Bank said Tuesday that it had applied for a digital asset custody license in Germany. Crypto exchange EDX Markets, which received funding from financial heavyweights including Charles Schwab (SCHW), Citadel Securities and Fidelity Digital Assets, started offering trading with BTC and ether (ETH) on the same day.
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