Bitcoin Zooms Above $31K; Ether Eyes $2K
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have rallied over the last 24-hours on the likelihood of spot Bitcoin (BTC) exchange traded funds (ETFs) securing regulatory approval. Also, the bleak economic scenario in Asia is expected to boost demand for perceived inflation hedges like gold and bitcoin as they may resort to currency devaluation.
BTC, the largest cryptocurrency by market capitalisation, surged above $31,000 mark effortlessly and most recently it was trading at $31,166, up 1.82%. Ethereum, the second largest cryptocurrency, was advancing towards $2,000. It last quoted 0.90% higher at $1,954. The Vitalik Butrine found protocol benefits from the increased traders bet on prices moving further north after accumulating 61% gains during the first half of 2023.
As per media reports, on Friday, an investor bought roughly 63,250 “bull call spreads” tied to Ether and due for expiry on Dec. 29.
Meanwhile, the brokerage firm Bernstein said in a research report that the U.S. Securities and Exchange Commission’s (SEC) stance on spot bitcoin ETF is a difficult one to hold, and the probability for approval is fairly high. The optimism bolstered investor sentiment, resulting in increased buying interest.
The global crypto market cap advanced 1.21% to reach at $1.22 tn, over the last 24-hours. Similarly, the total crypto market volume increased to $37.61 bn, up 25.32%. The total volume in DeFi is currently $2.99 bn and that of all stablecoins is now $34.74 bn, representing 7.96% and 92.36% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.62%, an increase of 0.17% over the day.
IC15 index, the barometer of top fifteen tokens, jumped 1.08% to 40,866.
In other news, the Nasdaq has refiled investment giant BlackRock’s proposed spot BTC ETF, joining rivals in naming the U.S. exchange Coinbase as the market that will be monitored in a so-called surveillance-sharing agreement. Two big exchanges – the Nasdaq and Cboe preparing ground for ETF launch remains a big positive for VDAs.
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