Bitcoin Steady Near $66K Amid Interest Rate Fear, Capital Outflows
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have moved in a narrow range over the last 24-hours, as investors remain tentative to interest rate uncertainty while post halving event, hopes of price action helped keep floor under Bitcoin (BTC) price.
The top coin continues to hover near $66,000 levels even as investment products – the spot BTC ETFs, have to contain with capital outflows over the past few sessions.
Most recently the largest cryptocurrency by market capitalisation traded at $66,730 down 0.23%.
Data from digital assets manager CoinShares showed that Bitcoin ETFs saw outflows of about $192 million in the week to April 21.
However, the top token is expected to gain momentum post halving similar to the past three halvings when prices moved higher in about 50-100 days.
The launch of Rune protocol on the Bitcoin blockchain spurred increased on-chain activity and has overshadowed the halving event.
Broader markets are moving in tandem with the Bitcoin. Ethereum (Ether), the second largest cryptocurrency by market capitalisation, was comfortably placed above $3,200 level and recently changed hands at $3,231 adding 0.6%.
Elsewhere, SOL, ADA, AVA, XRP, BNB, alongside certain altcoins quoted in the negative territory. Investor’s preference for Bitcoin is also causing altcoins to move lower.
The global crypto market cap eased 0.04% to $2.45 trillion in the last 24 hours. Similarly, the total crypto market volume fell 5% to $69 billion. Total volume in DeFi is currently $5 billion, and all stablecoins are $65 billion, representing 8% and 94%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.5%, up 0.2% over the day.
The IC15 index, the barometer of the top fifteen tokens, fell 0.45% to 83.168.
Meanwhile, Tether, which issues the stablecoin USDT, has announced stringent measures in response to Venezuela’s state-run oil company, PDVSA, adopting USDT to manage oil and fuel exports. Tether declared its intention to freeze transactions connected to entities sanctioned by the Office of Foreign Assets Control (OFAC).
The backdrop to Tether’s decision involves a detailed report by Reuters, revealing that PDVSA has been leveraging cryptocurrencies to circumvent new U.S. sanctions.
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