BTC, ETH Consolidate As Investor Enthusiam Ebbs
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have cooled off further Monday morning during Asia trade, as the last Thursday’s rally gave way to profit taking as the optimism provided by Ripple’s partial victory in a law suite filed by the U.S. Securities and Exchange Commission (SEC), turned out to be a short-lived one after experts said that the regulator has enough grounds to appeal the decision and drag this thing out for a lot longer.
It seems, the experts observation on law suite and technical resistance levels of certain VDAs, were exploited by bear traders to maximise gains.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, dropped below $30,000 mark over the week-end. It was recently trading at $30,275, lower by 0.07%. Bitcoin shot as high as $31,700 on Thursday, a more than one-year high following the XRP ruling from district court.
Ethereum, the second largest cryptocurrency, recoiled towards $1,900 mark. It last quoted 0.37% weaker at $1,925.28.
BTC has once again failed to sustain above $31K mark. That has prompted many experts to hoist bearish flag and warn that Bitcoin may drop to $25k to $27k before experiencing any bullish waves. The negative outlook hit the broader markets.
The global crypto market cap lost 0.24% to $1.21 tn, over the last 24-hours. Simultaneously, the total crypto market volume decreased 3.66% to $25.95 bn. The total volume in DeFi is currently $2.43 bn and all stablecoins $22.78 bn, representing 9.36% and 87.78% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.56%, an increase of 0.12% over the day.
IC15 index, the barometer of top fifteen tokens, edged lower 0.39% to 40,006.
Meanwhile, Fir Tree Partners, a New York-based hedge fund, is launching a new fund focused on distressed crypto assets, an attempt to cash in on the intense turmoil the industry has experienced in the past year or so.
The Fir Tree Digital Asset Opportunities Fund will launch Aug. 1, according to an email seen by CoinDesk.
Well, the hedge funds are hoping to cash in on distressed crypto assets by identifying opportunities that are mispriced, dislocated or complex.
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