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 were cautiously optimistic after the newest 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 (four p.m. ET). Slipping 0.13 % with the previous twenty four hours.
Bitcoin’s 24 hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 50-hour and 10-hour averages on the hourly chart, a bearish signal for market specialists.

Trading volumes have been far less than earlier in the week when traders scrambled to adjust positions as the market fell fifteen % in 2 days, probably the biggest this kind of decline since the coronavirus-driven sell off of March 2020. The 8 exchanges tracked by CoinDesk had a combined spot-trading volume of under four dolars 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 industry, bitcoin’s alternatives open interest is slowly returning after it dropped Tuesday somewhat out of an all-time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom

“Bitcoin’s market place is rather silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back to ordinary after the serious contract liquidations suffered a number of days before. Close to six dolars billion worth of night future contracts had been liquidated. The market place has become attempting to consolidate above the $50,000 level.”

 

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

Surging bond yields seemed to have much 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, therefore bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, said.

Many market symptoms suggest that traders and investors remain mainly bullish after a volatile price run earlier this week.

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

On the choices market, the put-call open interest ratio, which measures the number of put options open relative to call options, remains under one, and thus there continue to be more traders buying calls (bullish bets) than puts (bearish bets) despite the latest sell off.

Ether moves with bitcoin amid a quiet market Ether (ETH), the second-largest cryptocurrency by market capitalization, was lower on Thursday, trading around $1,575.65 and sliding 2.12 % in 24 hours as of 21:00 UTC (4:00 p.m. ET).

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

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

Different markets Digital assets on the CoinDesk twenty had been mostly in green Thursday. Important 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 standard (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 red 0.11 % following investors became concerned about the rising 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:

Petroleum was up 0.28 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 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 *