Bitcoin under $35K on FED rate pause Hope
By Laxmikant Khanvilkar
Story 1
Leading virtual digital assets (VDAs), faced their biggest challenge in a week of coping with traditional markets as the likelihood of global central banks done with interest rate hike is set to spur investor demand for risky assets, such as equities.
In fact, the U.S. benchmark index – Nasdaq and S&P 500 gained 1.5% each while Europe’s Stoxx 600 is up 1.8%. While equities were celebrating rate peaking prospect, Bitcoin (BTC) prices slid from $36,000 – the highs that were seen in July 2022. The largest cryptocurrency by market capitalisation, is currently charging hands at $34,685 down 2.20%.
Ethereum (ETH), the second largest crypto in market value, slumped 3.11% at $1,790.
Although, bitcoin has seen a decline in price but observers see a huge potential given the current scenario of high inflation rate, negative real rates and excessive money supply growth. These are ideal conditions for gold and as per market experts bitcoin is “exponentially gold”.
Elsewhere, the altcoins too witnessed moderation of prices, tugging along with the slide in bitcoin and ether.
Solana (SOL), met with a sharper decline.
The global crypto market cap decreased 1.69% to $1.29 tn, over the last 24-hours. Simultaneously, the total crypto market volume eased 6.83% to $49.93 bn. The total volume in DeFi is currently $5.16 bn and all stablecoins $44.8 bn, representing 10.34% and 89.73% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.81%, down 0.13% over the day.
IC15 index, the barometer of top fifteen tokens, slumped 2.23% to 42,975.85.
Meanwhile, the New York jury found Sam Bankman-Fried guilty of all seven charges, including defrauding after a five-week trial. The FTX founder and former chief executive “perpetrated one of the biggest financial frauds in American history,” U.S. Attorney Damian Williams said outside the courthouse after the guilty verdicts were revealed.
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