Bitcoin Slump Below $29K After CZ Remark, China Growth Woes
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) lost further ground, with price of Bitcoins (BTC) slumped below $29,000 mark briefly before staging a mild recovery, over the last 24-hours, following the Wall Street Journal report said Binance CEO Changpeng “CZ” Zhao suggested in a private conversation that the crypto exchange’s affiliates had conducted wash trading several years ago, and China’s policymakers warned of a uncertain economic recovery while falling short of announcing large-scale stimulus.
The largest cryptocurrency by market capitalisation dipped below $29,000 for the first time in more than a month. Shortly after the Wall Street Journal, BTC dipped to as low as $28,872. It has since recovered and was last quoted at $29,110.86 level, down 2.98%.
Ether, the second largest crypto in market value, was recently changing hands at $1,849.21, up 1.92%.
Major alternative cryptocurrencies — altcoins — also dropped through the day, with Ripple’s XRP and Solana’s SOL leading the fall. SOL plummeted 6.8% over the last 24 hours, while XRP declined 6.2%.
Popular dog-themed memecoin dogecoin (DOGE) remained defiant to market activity. The token jumped nearly 5% after Elon Musk added DOGE to his bio, prompting speculation about prompting speculations about its role in the just renamed social media platform “X”.
The global crypto market cap, shrink 2.61% to $1.17 tn, over the last 24-hours. On the other hand, the total crypto market volume rose 51.76% to $35.37 bn. The total volume in DeFi is currently $2.62 bn and all stablecoins $31.92 bn, representing 7.41% and 90.24% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.21% to 48.39%.
IC15 index, the barometer of top fifteen tokens, lost 2.78% to 38,581.
Elsewhere, the Worldcoin crypto project of Sam Altman, founder of ChatGPT-developer OpenAI, went live Monday with its mainnet launch.
Investors will now stay focus on two-day deliberations among Federal Reserve Rates setting committee on rate hike announcement.
Bitcoin, often considered a pure play on fiat liquidity and the riskiest of the risk assets, will reflect the impacts of central bank rate hikes and sluggish economic growth.
You need to login in order to Like
