Categories
Cryptocurrency

Bitcoin Price Today – Bitcoin\’s Below $50K as Investors\’ Wait and See\’ Amid Market Reset

Bitcoin Price Today – Bitcoin’s Below $50K as Investors’ Wait and See’ Amid Market Reset

Bitcoin Price Today was trading inside a narrowed range on Traders, as investors, and Thursday had been cautiously optimistic after the hottest pullback, which took bitcoin’s selling price down close to $45,000 earlier this week.

Bitcoin Price Today (BTC) trading around $49,194.33 as of 21:00 UTC (4 p.m. ET). Slipping 0.13 % with the prior twenty four hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades beneath its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market specialists.

Trading volumes were much lower than earlier in the week when traders scrambled to change positions as the market fell 15 % in 2 days, probably the biggest this kind of decline since the coronavirus-driven sell-off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot trading volume of less than $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Tuesday and Monday and was slightly above five dolars billion on Wednesday.

In the derivatives sector, bitcoin’s opportunities open interest is gradually returning after it dropped Tuesday somewhat out of an all-time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom

“Bitcoin’s current market is fairly silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going back to regular once the severe agreement liquidations suffered a number of days before. Near to $6 billion worth of night future contracts had been liquidated. The market is now trying to consolidate above the $50,000 level.”

 

As FintechZoom reported earlier, traders also are watching carefully for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing fears about the sharply growing 10 year U.S. Treasury yields. Some analysts in marketplaces which are regular have predicted that rising yields, typically a precursor of inflation, may appear to prompt the Federal Reserve to tighten monetary policy, which could send out stocks lower.

Surging bond yields seemed to have less of an effect on bitcoin’s price on Thursday. The No. one cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the opposite direction of equities.

“Every time bitcoin goes under $50,000 you will discover players accumulating, thus bringing the price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.

Many market indicators suggest that traders as well as investors remain mainly bullish after a volatile price run earlier this week.

Huge outflows from institution driven exchange Coinbase Pro to custody wallets imply that institutional investors are actually confident about bitcoin’s long-term value.

On the choices industry, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains below 1, which means that there remain more traders buying calls (bullish bets) than puts (bearish bets) despite the latest sell off.

Ether moves with bitcoin amid a peaceful market Ether (ETH), the second largest cryptocurrency by market capitalization, was lower on Thursday, trading around $1,575.65 and sliding 2.12 % in twenty four hours as of 21:00 UTC (4:00 p.m. ET).

The industry for ether was mostly quiet on Thursday, mirroring the activity in the bitcoin industry and moving in a narrowed range of $1,556.38 1dolar1 1,672.60 at press time.

“It’s notable that the majority of ether’s price action is really driven by bitcoin, as it’s still stuck in the range that it’s had versus bitcoin since late 2018,” said Jason Lau, chief operating officer at San Francisco-based exchange OKCoin. “I would will begin to check out the ETH/BTC pair.”

Other markets Digital assets on the CoinDesk twenty have been generally in green Thursday. Notable winners as of 21:00 UTC (4:00 p.m. ET):

cardano (ADA) + 9.22%
kyber networking (KNC) + 9.12%
litecoin (LTC) + 7.8%
tezos (XTZ) + 3.37%
Notable losers:

cosmos (ATOM) – 3.36%
chainlink (LINK) – 3.25%
ethereum classic (ETC) – 1.01%
Equities:

Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE hundred in Europe closed in the white 0.11 % following investors became concerned about the growing bond yields in the U.S.
The S&P 500 in the United States closed down 2.45 % as investors were spooked by the surging bond yields.
Commodities:

Oil was up 0.28 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 1.84 % and at $1771.46 as of press time.
Treasurys:

The 10-year U.S. Treasury bond yield climbed Thursday to 1.525 %.

Leave a Reply

Your email address will not be published. Required fields are marked *