Bitcoin Steady Near $25K
By Laxmikant Khanvilkar
Cryptocurrencies market have stabilised over the last 24-hours after grappling with the uncertainties over the global banking sector. The virtual digital assets felt the jitters from the episodes of bank run in U.S. and Europe.
As the concerns have ebbed lower leading cryptocurrencies such as Bitcoin, Ethereum, others are seen crawling back, above key levels.
Bitcoin is trying to reclaim $25,000 mark while Ethereum was flirting with $1,700.
BNB, the native token of the Binance-initiated blockchain network BNB Chain and fourth-largest cryptocurrency by market cap, jumped near $330.
The U.S. regulators’ backstopping for depositors three embattled banks as well as breather from the Swiss bank for Credit Suisse has helped calm investors.
The global crypto market capitalization stands at $1.09 tn, rising by 1.71% over the past day. Crypto market volume has decreased by 25.41%, amounting to $62.17 bn. Decentralized finance (DeFi) currently accounts for 8.07% of the total crypto market volume, at $5.02 bn. Meanwhile, the volume of all stablecoins stands at $58.98 bn, representing 94.87% of the total crypto market volume. Bitcoin’s dominance, measured by its market share, has increased by 0.33% to 44.48%.
Meanwhile, the European Central Bank continued its own monetary tightening amid rising inflation on the continent, increasing its interest rate by 50 bps on Thursday. Analysts saw the move as a precursor of the Fed raising interest rates by 25 bps.
Interestingly, the CME FedWatch Tool, a predictor of interest rate decisions, forecast a 45% chance of a zero basis point rate hike. It’s now predicting an 80.5% chance of a 25 basis point (bps) increase. Both numbers contrast sharply from last week when the CME showed a 68% chance of a 50 bps rate boost.
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