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 within a narrowed range on Traders, as investors, and Thursday had been 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 % over the preceding twenty four hours.
Bitcoin’s 24-hour range: $48,091.13-$52,076.32 (CoinDesk 20)
BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market specialists.

Trading volumes have been much less than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 days, probably the biggest such decline since the coronavirus-driven sell-off of March 2020. The eight 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 $10 billion on Monday and Tuesday and was somewhat above five dolars billion on Wednesday.

In the derivatives industry, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday slightly from an all-time peak of about thirteen dolars billion on Sunday. Source: FintechZoom

“Bitcoin’s current market is fairly quiet today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back to ordinary once the serious agreement liquidations suffered a number of days before. Close to $6 billion worth of night later contracts were liquidated. The current market has become trying to consolidate above the $50,000 level.”

 

As FintechZoom claimed 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’ climbing fears regarding the sharply growing 10 year U.S. Treasury yields. Several analysts in regular marketplaces have predicted that rising yields, often a precursor of inflation, may appear to induce the Federal Reserve to tighten monetary policy, which may send out stocks lower.

Surging bond yields seemed to have less of an influence on bitcoin’s price on Thursday. The No. 1 cryptocurrency briefly surpassed $52,000 during early trading hours, moving in the opposite direction of equities.

“Every time bitcoin goes below $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, believed.

Many market symptoms suggest that traders as well as investors remain largely bullish after a volatile priced run earlier this week.

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

On the choices sector, the put-call open interest ratio, which measures the number of put options open relative to call options, remains under 1, meaning that there remain more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of 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 primarily silent on Thursday, mirroring the activity at the bitcoin niche 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 actually driven by bitcoin, as it is 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 look at the ETH/BTC pair.”

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

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

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

Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street immediately.
The FTSE hundred in Europe shut in the white 0.11 % after investors became concerned about the growing bond yields in the U.S.
The S&P 500 in the United States shut down 2.45 % as investors had been 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 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 *