Bitcoin slid near $37.2K; Alts unlocking ahead
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), continue to trend lower amid increased volume in the last 24-hours, as massive Altcoins or Alts unlocking is seen creating supply pressures, while the regulatory approval of spot Bitcoin (BTC) and Ethereum ETFs still remain evasive.
However, analysts have termed the current market trend as a “consolidation phase” and suggest that this makes a strong case for a bullish move.
BTC has managed to hold on $37,000 level after closing the week higher. The world’s largest cryptocurrency is currently trading at $37,314 down 0.6%.
Ether (ETH) is rooted above psychologically key level of $2,000. It was currently offered at $2,037 down 1.5%.
In News; the prospect of Chengpeng Zhao presenting a flight to risk is hotly debated topic among legal experts, the markets are seeing huge supply pressures ahead of digital token unlocking.
Several alternative cryptocurrencies including native tokens of dYdX (DYDX), Optimism (OP) and Sui (SUI) have succumbed to selling pressure ahead of massive token unlocking.
As a result, the global crypto market cap decreased 1.1% to $1.41 tn, in the last 24-hours. On the other hand, the total crypto market volume increased 27.3% to $51.9 bn. The total volume in DeFi is currently $5.2 bn and all stablecoins $48.5 bn, representing 9.9% and 93.5% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.5%, up 0.3% over the day.
IC15 index, the barometer of top fifteen tokens, lost 1.2% to 47,001.
Meanwhile, the notional open interest, or the dollar value locked, in bitcoin’s cash-settled futures trading on the CME stand at a whopping $4 billion for the first time in at least a year.
Open interest has nearly doubled since early October, indicating renewed institutional investor activity.
Interestingly, CME replaced Binance as the biggest exchange for BTC standard futures early this month.
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