“The crypto market remains in a consolidation phase, with Bitcoin repeatedly testing the $106,000 level but facing resistance, while Ethereum struggles to sustain above $2,700
The crypto market is still in a consolidation phase, with Bitcoin repeatedly testing the $106,000 level but facing resistance, while Ethereum is struggling to sustain above $2,700, Himanshu Maradiya, Founder and Chairman, CIFDAQ points out.
"Despite a small drop in the volume, the markets have surged, which indicates a drop in the bearish interference," CoinDCX research team observed.
BTC futures open interest rose by 10.65% from last week to $74.35B, led by Binance with $12.28B, signaling growing leverage in the market. nstitutional demand also played a role, with U.S. spot BTC ETFs recording net inflows of $41.7M yesterday, marking their fifth consecutive day of inflows, Coinswitch team desk noted.
The current market capitalization of Bitcoin is $2.12 trillion, with volume of $50.38 billion.
Altcoins, including Ethereum, Solana, Litecoin, Cardano are also showing an upward movement. Ethereum is up 0.30 per cent to consolidate at $2,564.52, XRP also rose to trade at $2.37.
"Some big moves could be on the horizon, as rumors suggest Coinbase could be acquiring USDC issuer Circle, despite IPO plans. What's more, Texas has just passed the Texas Strategic Bitcoin Reserve and Investment Act, allowing the state to invest in Bitcoin, which now awaits the governor's approval," highlighted CoinDCX research team.
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