Bitcoin Stumble Near $28K; Investor Focus Earnings
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) prices turned lower in the past 24-hours, after a big rally based on false Tweet about spot bitcoin (BTC) exchange traded funds (ETFs) approval, the investor focus has shifted to corporate earnings and the updates from the escalating Israel – Hamas war.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, continued to outperform the crypto market. Though it sunk below $28,100 earlier but has recovered and is currently resting at $28,381.87 up 0.25%. Rest of the market was broadly trending lower.
Ethereum (ETH), the second largest crypto in market value, lost 1.89% at $1,565.34.
Among other key protocols, the decentralized exchange UniSwap’s native token (UNI) tumbled almost 7% after Uniswap Labs said it will impose a 0.15% fee on some trades executed via its front end. Sui blockchain (SUI) plummeted 7.6% on supply manipulation charges.
Interestingly, Bitcoin’s strong showing drove its market share among all cryptocurrencies – also known as the Bitcoin Dominance Rate – to over 52%, its highest level since April 2021.
The global crypto market cap decreased 0.50% to $1.09 tn, over the last 24-hours. Similarly, the total crypto market volume dropped 23.40% to $45.96 bn. The total volume in DeFi is currently $2.39 bn and all stablecoins $43.1 bn, representing 5.21% and 93.78% respectively, of the total crypto market 24-hour volume.
IC15 index, the barometer of top fifteen tokens, eased 0.69% to 35,579.48.
Meanwhile, the discount for Grayscale’s Bitcoin Fund (GBTC), the world’s largest bitcoin investment vehicle, continued to narrow amid optimism of a bitcoin spot exchange-traded fund (ETF) approval. Shares in GBTC narrowed to a 12% discount to the trust’s net asset value (NAV) on Tuesday, the closest it has traded to NAV since December 2021.
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