9/28/2023 0 Comments Vimeo stock market cap![]() Other crypto assets that saw inflows include Solana (SOL), with a $1.1 million inflow, and Uniswap (UNI) and Polygon (MATIC), which saw an inflow of $0.7 million each.ĭogecoin, however, is the one that emerged as the winner amidst Bitcoin's continued weakness. XRP funds also experienced $2.6 million of inflows, implying “investors are increasingly confident in the outlook” for the digital asset. Investors seem to have shifted their focus on altcoins, with ETH-focused investment products enjoying the largest inflows at $6.6 million, suggesting that “sentiment, which has been poor this year, is beginning to turn around,” noted CoinShares' James Butterfill. This loss of momentum could actually also be seen in the flows of Bitcoin investment products which saw a $13 million outflow last week after consecutive weeks of massive inflows. Additionally, the drop below $30k last week did not trigger any severe reactions that would indicate FUD (Fear, uncertainty, and doubt) or more upcoming sell-offs, so we may see an upside to $30K. Meanwhile, crypto data provider Santiment noted that Bitcoin's supply on exchanges continues to move into self-custody, with the 1.17 mln BTC balance on exchanges being the lowest level since Nov. With the price of Bitcoin below its 20-day moving average, traders are eyeing an upside target of a psychologically important $30,000 level, which coincides with its 20-DMA, also an area of high volume. Moreover, it is likely crypto markets have already priced in the anticipated move. However, Bitcoin has been having a diminished reaction to macroeconomic events, with the two most recent rate hikes in May and March resulting in relatively mild price moves of 1.13% and -2.87%. The US central bank will likely raise interest rates by 0.25% today. The latest loss in Bitcoin's price came ahead of the Federal Reserve's latest two-day monetary policy meeting on Wednesday. The 30-day estimate for BTC volatility has fallen to its lowest level since earlier this year to just 0.74%. But the crypto asset has lost bullish momentum since then and is now trading in the red.Īs investors took profits, Bitcoin volatility has also dipped to its lowest level in a year while eyes remain on the Federal Open Market Committee (FOMC) meeting. And as of writing, BTC/USD has been trading at $29,163, while ETH is exchanging hands at $1,850.īTC first surged past $30k about a month ago after the traditional finance (TradFi) giant BlackRock filed an application for a Bitcoin ETF, which spurred speculation that if the world's largest asset manager wins regulatory approval, it could funnel billions of dollars from traditional investors into the digital asset. This week, the price of the largest cryptocurrency, Bitcoin, remained subdued and stuck under $30,000, even falling briefly below $29K to its lowest level since June.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |