Bitcoin Steady Above $27.7K; Investors Eye Inflation Data
By Laxmikant Khanvilkar
After the four consecutive days of losses, prices of the virtual digital assets or VDAs led by Bitcoin (BTC) and Ethereum (ETH) have stabilised ahead of the latest U.S. inflation report on Wednesday.
BTC, the largest cryptocurrency by market capitalization was recently trading at around $27,760 level, up 0.6%. ETH – the second-largest cryptocurrency, was up 0.5% to change hands at around $1,853.
Among other digital assets, Bitcoin Cash’s BCH jumped over 9% for the day to trade at around $121.29, while Lido’s governance token LDO recently rose by 6% to $1.85.
Edward Moya, senior market analyst for foreign exchange Oanda, in a note underlined that the macro backdrop remains unchanged over the past few weeks. He went on to add, “(market) watchers will be focusing on Binance and whether people are seriously storing cryptos in cold wallets”.
“Bitcoin appears to be stuck in a trading range, but if we have a de-risking moment on Wall Street, that will be enough to send cryptos toward the lows seen in mid-March,” Moya wrote.
The global crypto market cap increased 0.46% to $1.14 tn, over the last 24-hours. The total crypto market volume decreased 29.19% to $32.12 bn, during the same period. The DeFi volume is currently $2.44 bn, 7.59% of the total crypto market volume. The volume of all stablecoins is now $28.82 bn, which is 89.73% of the total crypto market volume. Bitcoin’s dominance is currently 46.98%, an increase of 0.07% over the day.
IC15, the barometer of top 15 tokens, was last at 38,144 level, up 0.2%.
Meanwhile, equity markets turned mixed ahead of Wednesday’s Consumer Price Index (CPI for April. The S&P 500 and tech-heavy Nasdaq Composite closed down 0.4% and 0.6%, respectively. The Dow Jones Industrial Average (DJIA) slid 0.1%.
In bond markets, the note on the 2-year Treasury yield rose 2 basis points to sit around 4.02%, while the 10-year Treasury yield was almost flat from Monday, same time, to reach 3.52%.
Investors across the board will be watching the CPI for clues about how the U.S. Federal Reserve will act at its next policy meeting in June. The Fed approved a 25 basis points (bps) increase earlier this month to push the Federal Funds rate to its highest level in 16 years.
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