Bitcoin Trade Firm Ahead Of CPI Data
By Laxmikant Khanvilkar
Bitcoin, the most popular virtual digital assets or VDA continues to trade strong, near recent peak level, as investors await U.S. consumer price index (CPI) report for March later today and Ethereum’s Shapella upgrade.
Bitcoin, the largest VDA by market value was hovering near $30,300, up over 2% in the past 24 hours. BTC topped the psychologically important $30,000 level in the last 24-hours for the first time since last June.
Analysts expect the March CPI to continue a recent cooling trend with the year-over-year rate rising 5.2%, down from February’s 6%. The month-over-month rate is also expected to cool.
BTC’s dash to near 10 month high is attributed to short covering, which analyst say is identical to trading activity witnessed during a spring rally of 2022.
Ether (ETH), the second-largest VDA, was recently trading at around $1,895, down 1%. Validators and market watchers will be watching Ethereum’s Shapella upgrade, which is expected to go live Wednesday evening (ET) and will mean that validators can withdraw their long-locked-up ETH from the Beacon Chain.
Among other digital tokens, Solana’s SOL surged over 12% to trade around $23.2, while ETC, the token of Ethereum Classic, an offshoot, or fork, of Ethereum, gained over 4% to change hands at $21.7.
The crypto market cap has experienced a 0.95% rise in the past 24 hours, currently at $1.24 tn. The total volume for the market is $44.04 bn, a 8.05% increase. The DeFi sector has seen a 9.11% volume share of the total, with a current volume of $4.01 bn. Stablecoins volume account for 90.13%, which amount to $39.69 bn. Bitcoin’s dominance has risen by 0.50%, now standing at 47.38%.
Meanwhile, gaming technology company Razer is tapping into Web3 by rolling out an investment fund to support blockchain-based games and developers.
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