Bitcoin Slides Near $27K On Macro Jitters
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) have gave up almost entire gains accumulated over the weekend as slide in traditional markets, led by macro jitters, prompted traders to book profits.
Recently, Bitcoin (BTC) surged above $28,500. It has so far given up most of its gains and was recently trading at $27,254.44, down 0.86%.
Ethereum (ETH), the second largest crypto in market value, was quoting 1.65% lower at $1,636.66.
US equities ended lower on Tuesday as rising treasury yields drove investors away from the risky assets. The 10-year U.S. Treasury rate surged 8 bps to 4.76%, a fresh 16-year high, which helped send the S&P 500 and the tech-heavy Nasdaq 100 lower 1.3% and 1.6%, respectively.
Analysts have suggested that the crypto prices need to fall first, in response to the Federal Reserve staying on the path of tightening liquidity conditions.
Broader crypto markets saw smaller coins echoing similar sentiments except few. Rollbit’s RLB tokens jumped 8%, continuing a multi-day run amid increased token demand and platform revenues.
The global crypto market cap lost 0.50% to $1.08 tn, over the last 24-hours. Simultaneously, the total crypto market volume decreased 17.26% to $35.94 bn. The total volume in DeFi is currently $2.51 bn and all stablecoins $33.78 bn, representing 6.98% and 93.98% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.01% to 49.33%.
IC15 index, the barometer of top fifteen tokens, eased 0.56% to 35,330.31.
Meanwhile, ETF optimism that some traders hoped would bring renewed interest and capital to an otherwise tepid environment was missing.
Interestingly, the month of October is typically a good month for the cryptocurrency market. Indeed, it is dubbed “uptober” by market insiders. Let’s hope it lives up to its expectations.
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