Cryptocurrency Market Sees Slight Dip as Traders Await US Macroeconomic Data
Bitcoin and other top crypto tokens were trading lower on Friday as traders awaited key macroeconomic data from the US. Despite this, the gains were capped as the overall market seemed to be immune to many macro developments in its current state.
Bitcoin was trading flat, almost unchanged from the previous trading session, managing to hold the 29,000-mark. On the other hand, Ethereum, the largest peer of Bitcoin, was trading slightly lower and remained below $1,850-levels. The price action in the major altcoins was on the downside, causing slight selling pressure in the market over the last 24 hours.
The global cryptocurrency market cap fell to the $1.16 trillion-mark, dropping less than a per cent in the last 24 hours. However, the total trading volumes dropped about 14 per cent to $29.39 billion. The market also witnessed altcoins like Litecoin, XRP, Solana, Shiba Inu, Cardano, and Polygon dropping in value, with Litecoin reaching a month low since its third halving event.
Investments Lead at CoinSwitch Ventures, Parth Chaturvedi, noted that while the largest cryptocurrency was recently trading in an increasingly narrow spread over the last six weeks, it remained immune to macroeconomic and industry events, demonstrating the market’s immunity to various developments.
Furthermore, the market also saw some unexpected moves from Curve Finance, Metronome, and Alchemix, which agreed to offer a hacker a 10 per cent bounty in exchange for the remaining crypto after losing nearly $62 million to a bug exploit in their respective pools.
The CoinDCX Research Team highlighted that Bitcoin continues to be in a range-bound between $29,000 and $29,500 for much of the past 10 days, likely due to a lack of fresh money flowing into the crypto market. They also mentioned that investors are waiting for more clarity on the regulatory environment and the potential approval of a Bitcoin ETF in the US.
Looking specifically at Litecoin, the Giottus Crypto Platform’s Tech View noted that post its halving event, the cryptocurrency was facing difficulty in breaching the previous resistance level at $90 and had been experiencing a downward momentum. The LTC/USD pair is currently attempting a rebound, holding a potential uptrend if the price continues to hold the $80 support level.
In summary, the cryptocurrency market’s performance over the last 24 hours has demonstrated its resilience in the face of various macroeconomic and industry events, with traders eagerly awaiting key macroeconomic data from the US to guide their next moves.
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