BTC Hovers Near $27.4K; Fed Minutes In Focus
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) are trending lower as steady build up of liquidation pressure in recent past, particularly since the beginning of the Middle-East conflict, and ahead of PPI, Federal Reserve minutes release, warrants investor precipitation.
Price of Bitcoin (BTC), the world’s most valuable cryptocurrency, continued to fall towards $27,400 mark at one point in time. It is currently resting at $27,441.84, down 0.51%.
Ethereum (ETH), the second largest crypto in market value, was quoting 0.38% lower at $1,572.40.
Analysts have said that the dominance of BTC in the overall crypto market capitalization, which is on the rise, will increase further as investors become more risk-averse. Also, ETH/BTC ratio will gradually decline.
Elsewhere, the broader markets are bracing for the event specific actions. Aptos (APT), and Ape Coin (APE) are all scheduled to undergo large token unlocks in the next week. This could result in increased volatility.
Aptos is scheduled to unlock 4.54 million (APT) on Wednesday, worth around $22.2 million based on current market prices. APT is down 2.2% on day and 9% on week.
Ape Coin is going to unlock 15.6 million (APE) $15.88 million later this week, and its token is down 1% on-day and 11.3% on-week.
The global crypto market cap declined 0.61% to $1.07 tn, over the last 24-hours. Simultaneously, the total crypto market volume rose 17.31% to $23.76 bn. The total volume in DeFi is currently $2.06 bn and all stablecoins $22.8 bn, representing 8.66% and 95.99% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance decreased 0.07% to 50.19%.
IC15 index, the barometer of top fifteen tokens, lost 0.62% to 34,774.55.
Meanwhile, traders on the derivatives market anticipate that ETH will keep underperforming.
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