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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 inside a narrowed range on Thursday, as investors and traders were cautiously optimistic after the newest pullback, which took bitcoin’s value 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 earlier 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 were much less 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 less than $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 industry, bitcoin’s options open interest is slowly returning after it dropped Tuesday somewhat out of an all time peak of aproximatelly $13 billion on Sunday. Source: FintechZoom

“Bitcoin’s market place is fairly silent today,” Yves Renno, head of trading at crypto transaction platform Wirex, said. “Its derivatives market is going back to regular once the serious agreement liquidations suffered a few days before. Close to six dolars billion worth of long later contracts had been liquidated. The market has become attempting to consolidate above the $50,000 level.”

 

As FintechZoom noted 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’ growing fears regarding the sharply growing 10 year U.S. Treasury yields. Several analysts in marketplaces which are regular have predicted that rising yields, typically a precursor of inflation, might prompt the Federal Reserve to tighten monetary policy, which may send stocks lower.

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

Many market indicators suggest that traders and 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 options industry, the put call open interest ratio, which measures the amount of put options open relative to call options, remains below one, and thus there are still much more traders buying calls (bullish bets) than puts (bearish bets) regardless of the latest sell off.

Ether moves with bitcoin amid a peaceful market 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 largely silent on Thursday, mirroring the activity in the bitcoin market 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 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.”

Other markets Digital assets on the CoinDesk twenty have been mostly in natural 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 closed in the red 0.11 % after investors became worried about the growing 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 %. Price per barrel of West Texas Intermediate crude: $63.40.
Gold was in the red 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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