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Bitcoin holds above $30K
By Laxmikant Khanvilkar
Virtual digital assets (VDAs) are preparing the ground for hot summer season, much of which will depend on Friday’s option expiry. They have been on the roll for the last few sessions, gaining momentum from multiple spot bitcoin filings by BlackRock and other financial services giants. In the past 24-hours, however, the firepower seems to have weaken as investors realised the fact that any SEC approval was months off, maybe longer, and that macroeconomic indicators remained uncertain.
As a result, Bitcoin (BTC), the largest cryptocurrency by market capitalization recently was trading near $30,325, down 0.07%. Ether, the second largest crypto in market value, was recently changing hands at $1,860, off roughly 1.30%.
Analysts are expecting to see a fireworks at BTC counter ahead of Friday’s option contract expiry. A break from $30K, of either side, will be a key level to watch.
Other major cryptos were largely in the red with ADA and SOL, the tokens of smart contracts platforms Cardano and Solana, recently both down more than 4%, although Bitcoin Cash was a rare bright spot, rising nearly 16% to reach a fresh one-year high. BCH, which forked from the original bitcoin blockchain, extended its rally to more than 100% in the week after being one of the four cryptocurrencies listed on institutional-backed crypto exchange EDX Markets.
Meanwhile, the global crypto market cap dropped 1.09% to $1.17 tn over the last 24-hours, while the total crypto market volume increased 19.60% to $38.36 bn. The total volume in DeFi is currently $2.89 bn and that of all stablecoins $35.48, representing 7.54% and 92.51% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.08%, an increase of 0.21% over the day.
IC15 index, the barometer of top fifteen tokens, eased 0.43% to 40,120.
Elsewhere, the U.S. equity markets started the week on a sour note with the tech-focused Nasdaq Composite and S&P 500 closing down 1.1% and 0.4%, respectively. The yield on 10-year U.S. Treasurys and safe haven asset gold ticked upward.
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