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 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 (four p.m. ET). Slipping 0.13 % with the preceding 24 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 have been much lower than earlier in the week when traders scrambled to adjust positions as the market fell 15 % in two 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 under four dolars billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday and was slightly above $5 billion on Wednesday.

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

“Bitcoin’s current market is quite silent today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back to regular once the acute agreement liquidations suffered a number of days before. Close to $6 billion worth of long later contracts had been liquidated. The market place is currently attempting to consolidate above the $50,000 level.”

 

As FintechZoom claimed earlier, traders are also watching closely for any potential impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ rising worries regarding the sharply growing 10 year U.S. Treasury yields. Several analysts in marketplaces which are standard have predicted that rising yields, usually a precursor of inflation, may appear to prompt the Federal Reserve to tighten monetary policy, which might send 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 initial trading hours, moving in the exact opposite direction of equities.

“Every time bitcoin goes below $50,000 you will discover players accumulating, thus 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 as well as investors remain largely bullish after a volatile priced run earlier this week.

Large 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 options sector, 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 much more traders buying calls (bullish bets) than puts (bearish bets) regardless of the latest 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 24 hours as of 21:00 UTC (4:00 p.m. ET).

The industry for ether was largely 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 in fact driven by bitcoin, as it’s 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 continue to check out the ETH/BTC pair.”

Other 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 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 closed in the red 0.11 % after 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 had been spooked by the surging bond yields.
Commodities:

Petroleum was up 0.28 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 1.84 % and also 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 *