BTC Consolidates Around $68K As IBIT Overtakes GBTC
By Kapil Rajyaguru
Crypto markets were muted during the Asian morning trade, with bitcoin appearing to consolidate around $68,000 following its rally to $70,000 at the start of the week. BTC is priced at just over $67,700, around 1% less than 24 hours ago.
ETH meanwhile is trading just above $3,700, down a little over 2% in the last 24 hours as the market awaits further news on the listing of spot ether ETFs in the U.S. following last week’s SEC approval of some filings by prospective providers.
BlackRock’s spot bitcoin ETF has leapfrogged Grayscale’s to become the largest of its kind after a $102 million inflow on Tuesday. BlackRock’s IBIT holds nearly $20 billion worth of bitcoin, compared with GBTC’s $19.7 billion.
Riot Platforms has the capacity to consolidate the bitcoin mining sector, broker Bernstein said in a report. Riot is trying to acquire rival miner Bitfarms, after buying a 9.25% stake in the company.
The top 10 cryptocurrencies by open interest now include four meme coins, of which DOGE leads the charge with $1 billion in futures bets.
The recent rise in open interest for meme coins comes from their bullish momentum over the past couple of weeks as PEPE hit a new all-time high.
WIF is the other massive gainer from the larger-cap alts. The asset has soared by 20% in a day and now trades close to $4. SOL, TON, RNDR, and ATOM are with minor gains from the larger-cap alts.
The global crypto market cap is $2.53T, a 1.61% decrease over the last day. The total crypto market volume over the last 24 hours is $83.56B, which makes a 12.44% decrease. The total volume in DeFi is currently $6.39B, 7.65% of the total crypto market 24-hour volume. The volume of all stable coins is now $78.04B, which is 93.39% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.67%, an increase of 0.17% over the day.
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