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 Thursday, as investors and traders had been cautiously optimistic after the newest pullback, which took bitcoin’s 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 beneath its 50-hour and 10-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 modify positions as the market fell 15 % in 2 days, probably the biggest this sort of decline since the coronavirus-driven sell-off of March 2020. The eight exchanges tracked by CoinDesk had a combined spot trading volume of under $4 billion on Thursday as of press time. The figure had surged above $10 billion on Tuesday and Monday and was somewhat above $5 billion on Wednesday.

In the derivatives sector, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday somewhat out of an all time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom

“Bitcoin’s market is fairly quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is going again to ordinary once the serious arrangement liquidations suffered a few days before. Close to six dolars billion worth of long future contracts had been liquidated. The current market is now trying to consolidate above the $50,000 level.”

 

As FintechZoom reported earlier, traders are likewise watching closely 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. Some analysts in markets that are standard have predicted that rising yields, often a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which might 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 initial 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.

Several market symptoms suggest that traders as well as investors remain largely 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 sector, the put-call open interest ratio, which measures the amount of put options open relative to call options, remains below one, meaning that there continue to be much more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the hottest sell-off.

Ether moves with bitcoin amid a quiet sector 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 primarily quiet 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 really 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 go on to look at the ETH/BTC pair.”

Different markets Digital assets on the CoinDesk 20 had been mostly in natural 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 traditional (ETC) – 1.01%
Equities:

Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE 100 in Europe shut in the white 0.11 % after investors became worried 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 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 *