All articles tagged with #cryptocurrency market update
Bitcoin briefly surpassed $70,000, leading gains in the CoinDesk 20 Index, which saw a 1.3% decline overall. Cardano was the only other asset in the green, while Uniswap was the worst performer, dropping 14% due to a delayed governance vote.
Bitcoin's price dipped below $62,500 as CoinDesk's BTC Trend Indicator turned neutral, signaling a weakening of upside momentum, while Ether's trend indicator also hit neutral. Despite the downturn, trading volumes remained robust, with BTC Spot ETFs recording a weekly trading volume of approximately $16.2 billion. Additionally, the prices of luxury watches continue to decline, with high inventory levels cited as a reason for the continued decline in market prices.
Dogecoin and Shiba Inu saw a decline in gains after a 25% rally last week, while Bitcoin remained above the $71,500 mark. XRP led the gains among major tokens, rising 10% in the past 24 hours. The CoinDesk 20 index rose 0.73%, and spot bitcoin ETFs crossed the $10 billion inflow mark for the first time since going live in January. Market observers warn of a potential sell-side liquidity crisis if spot bitcoin ETF inflows continue at the current rate. Additionally, the bitcoin options market showed a bullish sign for traders, but caution was expressed due to elevated funding rates and volatility.
Ethereum, Solana, and Avalanche, once star performers, have seen significant losses in the past week, with Ethereum down 14%, Solana down 16%, and Avalanche down 19%. Despite recent dips, long-term holders remain optimistic as SOL is up 239% and AVAX has jumped 64% over the last year. The broader crypto market has taken a hit following Bitcoin's sell-off, with Grayscale's BTC fund conversion into an ETF contributing to the pressure on Bitcoin's price.