Sluggish U.S. GDP Help Keep Floor Under Bitcoin
By Laxmikant Khanvilkar
Virtual digital assets or VDAs led by Bitcoin, is benefiting from investors preference for safe haven asset, particularly after the sluggish U.S. economic growth data and the latest banking sector woes.
Bitcoin, the most popular cryptocurrency, was recently quoting at $29,400 level, up 0.8% over the past 24 hours.
Earlier, during the U.S. trade, BTC dipped slightly after the Commerce Department reported a tepid 1.1% gain in GDP for the first quarter – below expectations of 2% annualized and disappointing personal consumption data, before rebounding.
Ether (ETH), the second-largest cryptocurrency by market value, was changing hands at around $1,900.
The global crypto market cap edged up 1.28% to $1.21 tn, during the last 24-hours. The total crypto market volume decreased 16.18% to $53.94 bn. The total volume in DeFi is currently $4.12 bn, accounting for 7.63% of the total crypto market 24-hour volume. The volume of all stablecoins is now $47.41 bn, which is 87.90% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 47.13%, an increase of 0.39% over the day.
IC15 index, the barometer of the top 15 coins, was little changed at 39,548 points.
Analysts have maintained that the bitcoin’s performance in recent days reflects investors’ confidence in the crypto’s ability to hold value even during unsettling events. They are performing as the sort of safe haven that many had hoped this technology class would become.
Meanwhile, the U.S. equities rallied on Thursday, with the S&P 500 recently closing up 1.9% and the tech-heavy Nasdaq Composite jumping 2.4%. The Dow Jones Industrial Average (DJIA) rose 1.5% for the day.
You need to login in order to Like
