Bitcoin Steady Near $42.5K Amid Rate Hike Fears
By Laxmikant Khanvilkar
Virtual digital assets (VDA) are buckled down in the past 24-hours as soaring U.S. interest rates driven by strong economic data and Federal Reserve Chair Jerome Powell reiterating his hawkish stance from last week has hurt investor sentiment. Further, a cooling of investor enthusiasm towards spot Bitcoin ETFs reveals a concerning trend.
As a result, prices of Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) knocked down.
Bitcoin, the largest cryptocurrency, maintained soft tone while hovering near $42.500 level. It was recently trading 0.4% higher at $42,574.
Ethereum (ETH), the second largest cryptocurrency, is trying to reclaim $2,300. It recently traded at $2,299 adding 0.9%.
Other major cryptocurrencies such as Solana’s SOL, Ripple’s XRP, Cardano’s ADA, quoted firm while Binance BNB and Avalanche’s AVAX
were trading lower.
Native token of Chainlink (LINK), a software platform that connects blockchains with the outside world, was the biggest gainer.
The global crypto market cap increased 0.34% to $1.64 trillion in the last 24 hours. Simultaneously, the total crypto market volume rose 32.8% to $43.9 billion. Total volume in DeFi is currently $4.4 billion, and all stablecoins are $40.7 billion, representing 9.9% and 92.7%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.1%, unchanged over the day.
The IC15 index, the barometer of the top fifteen tokens, edged up 0.18% to 54,483.
Meanwhile, the estate for bankrupt crypto exchange FTX wants to sell its shares of artificial intelligence (AI) startup Anthropic to repay its shareholders.
On the other hand, U.S. Treasury Secretary Janet Yellen, is appearing before the House Financial Services Committee on Tuesday to explain the latest work of the Financial Stability Oversight Council (FSOC), to update on several potential hazards to the financial system, including the dangers of stablecoins, that the crypto industry poses.
You need to login in order to Like
