Bitcoin Steady Near $23k, Investors Bet Rate Cut
By Laxmikant Khanvilkar
Cryptocurrencies led by Bitcoin, Ethereum and others are holding on to recent gains, thanks to investor buying amid prospect of Federal Reserve stepping back from rate hike in the upcoming meeting.
Further, the short-bitcoin investment products saw inflows of $25.5 million last week, the largest amount since last July, when $51 million went into those products in one week, according to the data from CoinShare.
ETH followed BTC’s pattern, rising 0.4% to recently trade at $1,630. Ethereum’s Shanghai hard fork will begin this spring. Developers said they had successfully created a copy of the blockchain – known as a “shadow fork” – to provide a testing environment.
The last 24 hours saw Bitcoin extend its recent gains, with the world’s top cryptocurrency rising above the $23,330 mark as investors rushed to purchase the asset, betting that the Federal Reserve would slow the pace of interest rate hike.
Bullish sentiments lifted the global crypto market cap by 0.67% in the last 24 hours to $1.05 trillion, while crypto market volume surged 8.08% to $55.81 billion. Decentralized finance (DeFi) accounts for 8.43% of that total, while stable coins make up 87.84%.
Bitcoin’s dominance is up 0.10% and currently stands at 42.13%. It added nearly 40% since the beginning of this month.
Equities closed up amid continued hopes that the U.S. central bank will ratchet back its hawkish monetary policy. The tech-heavy Nasdaq Composite rose 2% while the S&P 500 and the Dow Jones Industrial Average (DJIA) were up 1.1% and 0.7%, respectively.
Elsewhere, FTX’s native token, Axie Infinity, others too are buzzing.
Play-to-earn giant Axie Infinity’s AXS is rallying despite the impending unlocking of millions of dollars’ worth of tokens.
FTT has rallied nearly 150% this month as a bull revival in the broader market triggered a short squeeze in the battered token.
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