The total crypto market cap dropped around 4 percent in the last 24 hours to about $2.48 trillion, led by Bitcoin (BTC). According to the latest crypto market data, Bitcoin exchanged around $64,253 on Thursday during the early Asian session after experiencing a significant resistance level of around $67k.
Following the increased crypto volatility, more than $212 million was liquidated, mostly involving long-term traders.
As a globally traded industry, the cryptocurrency market is heavily influenced by major geopolitical factors and other market issues besides the speculative aspect.
On Wednesday, a popular crypto analyst, Ali Martinez, pointed out that the TD Sequential indicator had flashed a Bitcoin sell signal in the 12-hour time frame. As a result, the crypto analyst cautioned traders to remain wary after Bitcoin price dropped below the support level of around $65,500.
Furthermore, Bitcoin whales have slowed the accumulation pace despite the recent halving event. Perhaps investors are waiting for companies to announce their first quarter 2024 earnings.
Also Check Out : Crypto Market Braces for Mt. Gox Bitcoin Payout: Will Prices Sink or Swim?
On April 24, 2024, the net flow of US-based spot Bitcoin ETFs was negative $121 million after BlackRock’s iShares Bitcoin Trust (IBIT) registered a zero flow for the first time since inception. Meanwhile, Grayscale’s GBTC registered a cash outflow of about $130.4 million on Thursday.
On Wednesday, heavy speculation on BlackRock tapping Hedera (HBAR) to tokenize its funds resulted in a huge spike of RWA-based digital assets. However, BlackRock later confirmed that it has no commercial relationship with Hedera and does not intend to tokenize its funds on the network.
As a result, HBAR price dipped as much as 35 percent in the past 24 hours to trade around $0.1135 on Thursday.
This Might Interests You : Bitcoin Halving 2028: 5 Crucial Trends and Predictions to Watch; Bitwise Report
US President Joe Jiden has proposed a 44.6 percent tax on capital gains, impacting crypto investments worth more than $400k. Ahead of the FOMC statement and federal funds rate next week, investors are speculating on possible interest rate cuts’ delay later this year.
Crypto investors are constantly seeking assets with high return potential. While legacy tokens like Solana…
As Kenya imposes a 1.5% tax on every crypto transaction, it threatens to disrupt Africa’s…
Kaanch Presale has become one of the most promising opportunities in the cryptocurrency market that…
The broader cryptocurrency market is on a rising spree over the last three days due…
Neo Pepe’s Groundbreaking Launch Crypto analysts and investors are in a frenzy following the sensational…
Talk is building in the crypto world as Ripple, the company behind XRP, emerges as…
