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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 were 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 % over the earlier 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 technicians.

Trading volumes have been far less than earlier in the week when traders scrambled to change positions as the market fell fifteen % in 2 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 less than $4 billion on Thursday as of press time. The figure had surged above ten dolars billion on Monday and Tuesday 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 slightly from an all-time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom

“Bitcoin’s market place is rather quiet today,” Yves Renno, head of trading at crypto payment platform Wirex, said. “Its derivatives market is actually going back again to regular after the serious contract liquidations suffered a number of days ago. Near to $6 billion worth of long future contracts had been liquidated. The market place is now attempting to consolidate above the $50,000 level.”

 

As FintechZoom reported earlier, traders are likewise watching closely for any possible impact of surging bond yields on bitcoin. U.S. stocks opened lower on Thursday on investors’ growing concerns about the sharply growing 10 year U.S. Treasury yields. Several analysts in markets which are standard have predicted that rising yields, typically a precursor of inflation, might induce the Federal Reserve to tighten monetary policy, which could send stocks lower.

Surging bond yields seemed to have much 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 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, believed.

Many market indicators suggest that traders and investors remain mostly 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 market, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below 1, which means that there continue to be more traders purchasing calls (bullish bets) than puts (bearish bets) regardless of the latest sell-off.

Ether moves with bitcoin amid a peaceful 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 silent on Thursday, mirroring the activity in the bitcoin niche and moving in a narrowed range of $1,556.38-1dolar1 1,672.60 at press time.

“It’s notable that many of ether’s price action is in fact 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 continue to read the ETH/BTC pair.”

Different markets Digital assets on the CoinDesk twenty have 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 classic (ETC) – 1.01%
Equities:

Asia’s Nikkei 225 closed up by 1.67 % amid gains from Wall Street overnight.
The FTSE hundred in Europe shut in the white 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 %. Cost per barrel of West Texas Intermediate crude: $63.40.
Gold was in the white 1.84 % as well as at $1771.46 as of press time.
Treasurys:

The 10-year U.S. Treasury bond yield climbed Thursday to 1.525 %.

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