BTC Dives Near $29.5K
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have maintained their narrow range movement trend as tech stocks weakness and dollar’s strength marred investor appetite.
Bitcoin, the largest cryptocurrency by market capitalization, was recently trading at $29,782.36, down 0.82% over the past 24 hours. Earlier, BTC dipped near a one-month low set this week near $29,500. More than five weeks after spiking following multiple spot bitcoin ETF filings, bitcoin faced difficultly to escape the $30,000 to $31,000 range – for long.
Ether, the second largest crypto in market value, was recently changing hands at $1,889.17, down 0.25%.
Most other major cryptos by market cap spent the last 24-hours slogging into the red with XRP losing some of its big gains from the day before to trade below 80 cents – recently off more than 4%, and ADA and SOL, the tokens of smart contract platforms Cardano and Solana, down nearly as much.
The global crypto market cap, edged 0.36% lower to $1.2 tn, over the last 24-hours. On the other hand, the total crypto market volume rose 18.02% to $36.91 bn. The total volume in DeFi is currently $3.95 bn and all stablecoins $33.34 bn, representing 10.70% and 90.32% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.29%, down 0.09%.
IC15 index, the barometer of top fifteen tokens, dropped 0.46% to 39,543.
Elsewhere, the U.S. equities were mixed with the Dow Jones Industrial Average continuing a recent winning streak but the Nasdaq plummeting more than 2% on the Tesla news and soft earnings by streaming service Netflix.
Meanwhile, the U.S. House Republicans introduced a new digital assets oversight bill on Thursday, which will bring crypto’s under regulatory ambit. The bill aims to establish a regulatory framework to protect investors in the crypto sector.
Interestingly, the bill aims to lay down a regulatory path for crypto exchanges to register with the U.S. Securities and Exchange Commission (SEC), and would enable them to trade digital securities, commodities and stablecoins all in one place.
According to industry experts, this bill view “completely alters the value proposition of the bill” and would reintroduce the ambiguity it seeks to resolve.
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