BTC Slips Below $23k Mark; Fed Chair Speech Eyed
By Laxmikant Khanvilkar
Bitcoin, Ethereum and other virtual digital assets or VDA suffered losses due to the continued pressure from strength in the dollar and Treasury yields, with focus now turning to economic cues from a talk by Federal Reserve Chair Jerome Powell later in the day.
A recovery in the dollar and treasury yields pressured the traditional markets.
U.S. stock futures were trading in a tight range. Dow Jones Futures, S&P 500 Futures and Nasdaq 100 Futures were trading in a range of 0.1%. Apart from the Fed Chair speech, the market participants will be monitoring fresh trade balance data as well.
The global cryptocurrency market capitalization is currently $1.06 tn, down 1.17% in the last 24 hours. Over the same period, the total crypto market volume rose 2.13% to $49.53 bn. DeFi’s volume is currently at $4.92B, accounting for 9.93% of the total crypto market 24-hour volume, while stable coins make up 89.82% with a volume of $44.49 bn. Bitcoin’s dominance rate has risen 0.04%, standing now at 41.56%.
In other news, Chengpeng Zhao led crypto exchange Binance is temporarily suspending U.S. dollar bank transfers starting on Wednesday, while an agreement between Sam Bankman-Fried’s legal team and prosecutors to modify the former FTX CEO’s bail conditions on using electronic communications is expected to provide breather.
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