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 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 24 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 have been much lower than earlier in the week when traders scrambled to adjust positions as the market fell fifteen % in two days, 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 $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 market, bitcoin’s alternatives open interest is gradually returning after it dropped Tuesday somewhat from an all time peak of aproximatelly thirteen dolars billion on Sunday. Source: FintechZoom

“Bitcoin’s market is fairly silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is actually going back to normal after the severe arrangement liquidations suffered a number of days ago. Close to six dolars billion worth of long later contracts had been liquidated. The current market is currently attempting to consolidate above the $50,000 level.”

 

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

Surging bond yields seemed to have less of an effect on bitcoin’s selling 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 there are players accumulating, therefore bringing the purchase price back around $50,000,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, believed.

Many market signals suggest that traders and investors remain largely 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 alternatives sector, the put call open interest ratio, which measures the number of put options open relative to call options, remains under one, meaning that 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 industry for ether was primarily quiet on Thursday, mirroring the activity at the bitcoin market and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.

“It’s notable that a lot of ether’s price action is actually 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 go on to look at the ETH/BTC pair.”

Different markets Digital assets on the CoinDesk 20 had been generally in natural Thursday. Notable 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%
Important 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 100 in Europe shut in the white 0.11 % following 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 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 *