Bitcoin Struggles As Investors Seek Safety In Bullion
By Laxmikant Khanvilkar
Virtual digital assets (VDA) prices dipped during the past 24-hours with seeking a refuge in safe-haven – that’s Gold – against the backdrop of U.S. interest rate cut possibility and fresh geopolitical tensions in the Middle East.
Media reports suggest that an Israeli strikes hit a building next to Iran’s embassy in Syria’s capital Monday.
Bitcoin, the largest cryptocurrency by market capitalisation, has slipped below $71,000 level. Prices of the top coins are cooling off ahead halving event with less than 2,900 blocks left before miners’ rewards are cut in half.
Bitcoin is currently trading at $69,336 down 2.6%. Bitcoin’s price could enjoy a parabolic move to the upside after halving takes place. Historically, the Bitcoin price has always appreciated following the deflationary measure encoded in the Genesis block in 2009.
The current Bitcoin price fall has triggered similar reactions among other cryptocurrencies.
Ethereum (Ether), the second largest cryptocurrency by market capitalisation, is hovering near $3,500 mark. It recently hanged hands at $3,502 losing 2%.
Elsewhere, tokens for major layer-1 blockchains Solana (SOL), Cardano (ADA), Ripple’s (XRP), Binance (BNB), and Dogecoin were trending lower.
Litecoin (LTC), the third-largest digital asset secured by the legacy proof-of-work (PoW) consensus mechanism, and is attempting to break above the last major resistance level, around $112.
The global crypto market cap decreased 3.2% to $2.61 trillion in the last 24 hours. On the other hand, the total crypto market volume rose 57% to $104 billion. Total volume in DeFi is currently $9.9 billion, and all stablecoins are $94 billion, representing 10% and 90%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.3%, up 0.4% over the day.
The IC15 index, the barometer of the top fifteen tokens, dipped 3% to 88,450.
Meanwhile, Mark Yusko, the founder and CEO of Morgan Creek Capital Management,has predicted a massive price increase for Bitcoin during the 2024 bull cycle. He has set a price target of $150,000 for Bitcoin by end of 2024.
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