Bitcoin Stages Recovery Amid Poor ETF Volume
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have gained traction over the past 24-hours even as the volume in recently launched spot bitcoin (BTC) exchange traded funds (ETFs) lagged fervour. In fact, some of the 11 spot BTC ETFs have witnessed poor investor participation.
What led the gain in bitcoin price is, the continued support generated at the lower end of the recent range. Further, a jump in U.S. Treasury yields following the Fed Governor Christopher Waller downplaying the need for speed on rate cuts has prompted investors to buy bitcoin. As such, BTC’s price advanced to current level of $43,081 up 1%.
Ethereum (ETH), the second largest cryptocurrency, resumed its upward march. It was recently changing hands at $2,588 gaining 2.9%.
Investors have given a cold shoulder to ETFs so far which reflects in murky volume. The focus remains on key data releases and corporate earnings. December retail sales, Federal Reserve Beige Book and business inventories for November due for release later today, along with remarks from John Williams, President and CEO of the New York Federal Reserve will keep traders fairly engaged.
Large-cap tokens are witnessing mixed trend.
The global crypto market cap increased 1.4% to $1.70 trillion in the last 24 hours. Simultaneously, the total crypto market volume gained 4.7% to $58.5 billion. Total volume in DeFi is currently $4.5 billion, and all stablecoins are $53.5 billion, representing 7.7% and 91.5%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.7%, down 0.04% over the day.
The IC15 index, the barometer of the top fifteen tokens, rose 1.5% to 56,683.
Meanwhile, Core Scientific, one of the most prominent victims of the crypto winter among bitcoin miners, received approval for its Chapter 11 reorganization plans from the Southern District of Texas bankruptcy court and expects to re-list its shares on Nasdaq by the end of this month.
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