BTC eases towards $37.5K; ETF approval delay weigh
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), are witnessing a quite period with prices softening in the last 24-hours, as traders weigh potential impact of Binance and its former CEO CZ’s legal troubles on the crypto market, and focusing on the approval of spot Bitcoin (BTC) and Ethereum ETFs.
However, analysts are calling the recent consolidation phase among cryptocurrencies, make a strong case for a bullish move.
BTC has latched onto the $37,500 level nicely, after closing the week higher.
The world’s largest cryptocurrency is currently trading at $37,526 down 0.6%.
Ether (ETH) too holds above key level of $2,000. It was currently offered at $2,068 down 0.7%.
Though the crypto market hold optimistic outlook, particularly after Binance’s CEO, CZ, agreeing to plead guilty to federal charges, resulting in a $4.3 billion fine and his resignation as CEO. However, market participants hold divergent views over its impact.
There are concerns with regards to possible manipulation in crypto markets along with incidents of wash trade, which according to analysts, may cause uncertainty in the markets.
Hence, they have advised investors to be cautiously optimistic and recommends keeping Bitcoin and Ethereum off exchanges for safety.
As a result, the global crypto market cap decreased 0.72% to $1.43 tn, in the last 24-hours. On the other hand, the total crypto market volume increased 31.6% to $40.8 bn. The total volume in DeFi is currently $4.5 bn and all stablecoins $36.8 bn, representing 11.1% and 90.3% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.4%, down 0.03% over the day.
IC15 index, the barometer of top fifteen tokens, eased 0.71% to 47,561.
Meanwhile, the analyst hold optimistic view on the Bitcoin and Ether price movement. They view the current incident as a temporary set back and will ultimately lead to a healthier market in the long run.
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