Bitcoin Rises To $23.3K
By Laxmikant Khanvilkar
Leading cryptocurrencies leaped higher during the past 24 hours following the remark by the Federal Reserve officials, which was not less than claiming victory in its fight against rising price levels.
Jerome Powell’s post-meeting press conference last week was notable for sending both traditional markets and bitcoin (BTC) sharply higher when he said the “disinflationary process has started.”
On the whole, it’s hard to read Powell’s comments as dovish, but markets may have been expecting a more hawkish tilt given that this was the Fed chair’s first chance to make public remarks following Friday’s jobs report.
Nevertheless, bitcoin is ahead by about $300 since the interview began, now trading at $23,300. Traditional markets are also reacting, with the Nasdaq up 1.5% and the S&P 500 by 1.1%; the 10-year Treasury yield is lower by four basis points to 3.61%.
The global crypto market cap has grown by 2.85% over the last day, now standing at $1.09 tn. The total crypto market volume in the last 24 hours is $59.72 bn, which is a 20.59% increase. DeFi, the decentralized finance sector, currently makes up 11.73% of the total crypto market 24-hour volume, with $7.01 bn. Stablecoins, on the other hand, account for 90.17% of the total crypto market 24-hour volume, with $53.85 bn. Bitcoin’s dominance has decreased by 0.32%, now at 41.24%.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has once again underlined the risk involved in crypto assets on Tuesday by stating that these are often unregistered securities being traded on unregistered exchanges, issuing an investor alert warning that people should be wary of crypto in individual retirement accounts (IRA).
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