Bitcoin Rises Towards $26.5K
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) are trading higher on Thursday morning in Asia, after witnessing couple of whiplash sessions in the past, as the U.S. lawmakers have rallied behind spot BTC ETF products.
That optimism has helped Bitcoin (BTC) to climb towards $26,500 mark.
BTC, the world’s most valuable cryptocurrency, was recently seen changing hands at $26,373.29, up 0.60%. Ethereum (ETH), the second largest crypto in market value, was quoting 0.65% higher at $1,600.
Rep. Patrick McHenry, who heads the United States House Financial Services Committee, has threatened the Securities and Exchange Commission with a subpoena over documents related to Sam Bankman-Fried. McHenry claimed that SEC Chair Gary Gensler has “choke[d] off the digital asset ecosystem”.
Another news in support of crypto was the Bankruptcy judge allowing Crypto lender BlockFi to repay its customers. Estimates show BlockFi owes up to $10 billion to over 100,000 creditors, including $1 billion to its three largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital.
Though, the VDAs have managed to tide over immediate concern but the underlying factors remain uncertain. Three major factors: the interest rate, oil price and the U.S. dollar continue to be unsupportive.
The 10-year US Treasury yield hit a cycle high of 4.64%, representing its highest level since August 2007, which makes risky assets less attractive.
The global crypto market cap gained 0.80% to $1.05 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 20.68% to $27.58 bn. The total volume in DeFi is currently $2.69 bn and all stablecoins $25.98 bn, representing 9.77% and 94.17% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.17% to 49.05%.
IC15 index, the barometer of top fifteen tokens, rose 0.68% to 34,153.28..
Meanwhile, Binance has announced its exit from Russia by selling its Russian business to newly-launched exchange CommEx, though no financial details were disclosed.
You need to login in order to Like
