Bitcoin retreats below $70K; strong dollar limits gains
By Laxmikant Khanvilkar
Virtual digital assets (VDA) are retreating lower in the last 24-hours, paring some of the gains recorded at the beginning of holiday truncated week, as investors opted for caution ahead of key events that include core inflation data released and Federal Reserve officials speech over the weekend. Additionally, the persistent strength in the dollar and recent data indicating a slowdown in capital flows into crypto suggests a growing investors anxiety towards the market.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, is hovering below $70,000 level and broadly maintaining a holding pattern.
Bitcoin is currently trading at $69,738 down 0.9%.
The top collected double digit gains this week, primarily led by short covering.
Bitcoin also benefited from the Hashdex converting its bitcoin futures into ETF and Larry Fink, CEO of world’s largest investment firm BlackRock staying hopeful for ether ETFs.
However, Ethereum (Ether), the second largest cryptocurrency by market capitalisation, price slumped near $3,500. It recently exchanged hands at $3,512 losing 3%.
Elsewhere, tokens for major layer-1 blockchains Solana (SOL), Dogecoin, Cardano (ADA) and Ripple’s (XRP) declined while Binance (BNB), Dogecoin logged gains.
The global crypto market cap decreased 1% to $2.62 trillion in the last 24 hours. On the other hand, the total crypto market volume rose 9% to $116 billion. Total volume in DeFi is currently $12.4 billion, and all stablecoins are $104 billion, representing 11% and 89%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.2%, up 0.2% over the day.
The IC15 index, the barometer of the top fifteen tokens, slumped 0.7% to 89,061.
Meanwhile, the decentralized finance (DeFi) protocol Ethena, which offers the $1.3 billion USDe token, unveiled plans to debut its governance token on April 2 by by airdropping 750 million ENA tokens, or 5% of total supply, to its users.
You need to login in order to Like
