Coin Monitor – U.S. Macro Data In Focus
By Shubham Joshi
Virtual digital currencies or VDA markets took a turn on Thursday as investors stayed cautious ahead of the key economic data including the initial jobless claims data and US Existing home sales data scheduled to be announced later in the day.Bitcoin dropped below the crucial $29,000 mark.
IC 15 index of cryptocurrencies was trading down by 0.8% at 39,180 points
In recent news, The Russian central bank is considering using cryptocurrencies for international settlements. It is a significant step for a country that has been subjected to international sanctions since the beginning of its invasion of Ukraine.This would be yet another step in the country’s efforts to regulate the cryptocurrency market,analysts said.
However,virtual digital assets were knocked down by huge sell orders on Binance, which triggered a massive long liquidation. The selling pressure was further compounded by hot U.K. inflation data.
Interestingly,India and the United Kingdom reviewed international developments concerning crypto assets, emphasizing the significance of strong global measures to deal with potential risks associated with crypto in the second meeting of the India-UK Financial Markets Dialogue.Additionally, the scope of CBDC was also discussed in the meet.
Decentralized exchanges volumes have been surging amid growing concerns about their centralized counterparts.
Meanwhile,Binance users can now withdraw their staked ETH six days after the exchange announced it.As per the release, ETH 2.0 stakers can redeem ETH using their BETH holding at a ratio of 1:1. They can carry out the procedure on the ETH 2.0 staking page on the Binance website.
On the economic front,Initial Jobless Claims which measures the number of people who filed for unemployment insurance for the first time is also scheduled to be released.However,market participants anticipate the jobless claims to come around 2,40,000 versus previous month’s data of 2,39,000.
Bitcoin seems to be gaining positive momentum recently with the hope that the Fed could be loosening its monetary policy going ahead. However, inflation would be a key metric to watch going ahead which has been sticky so far and shown little signs of cooling down.
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