BTC Below $27K As Investors Weigh Debt Ceiling
By Laxmikant Khanvilkar
Virtual digital assets or VDA continue to feel the pressure from investor apathy towards this hard-to-categorise asset class, as the protracted regulatory action as well as debt ceiling talks in the U.S. outweighs the “store of value” tag that it acquired recently.
As such, Bitcoin (BTC) tumbled back below $27,000, reversing its previous day advance. The largest cryptocurrency by market capitalization was recently trading at around $26,877, down 1.79% over the last 24 hours. BTC had challenged $27,500 Thursday, but a quick pullback took the price down to nearly $26,400.
“Bitcoin is hovering near its recent lows as investors await regulatory clarity and whether Wall Street believes any use-case arguments will be made anytime soon,” Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in a Thursday note.
Over $20 million of BTC futures were liquidated in the past four hours, with 87% of them being long positions, or bets on higher prices, according to Coinglass data.
Ether (ETH), the second-largest cryptocurrency by market capitalization, followed a similar trend, down 0.98% to change hands at around $1,804.
The global crypto market cap decreased by 1.32% to $1.12 tn, over the last 24-hours. The total crypto market volume decreased 7.27% to $31.91 bn. The total volume in DeFi is currently $2.09 bn, 6.55% of the total crypto market volume, while that of all stablecoins is $29.52 bn, it 92.51%. Bitcoin’s dominance is currently 46.34%, a decrease of 0.28% over the last 24-hours.
IC15 index, the barometer of top fifteen tokens, plummeted 1.19% to 37,427.
Elsewhere, the U.S. equity markets closed higher Thursday, with a late rally pulling the Nasdaq higher by 1.5% the S&P 500 by 0.95%, and the Dow Jones Industrial Average by 0.35%.
Analysts have said that BTC has recently performed more like “a technology stock” than “a pure store of value.”
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