Cryptocurrencies prices showed tentative signs of recovering from last week’s rout as Bitcoin held above $20,000. The world’s largesr and most popular cryptocurrency rose over 2% and was trading at $20,412. The global cryptocurrency market cap today was below the $1 trillion however, rose about 3% in the last 24 hours to $941 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, jumped more than 3% at $1,113. Meanwhile, dogecoin price today was also trading a per cent higher at $0.05 whereas Shiba Inu slipped marginally to $0.000008.
Other crypto prices’ today performance also improved as Stellar, Uniswap, XRP, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin and Tron prices were trading with cuts in the range of 2-8% over the last 24 hours.
After a turbulent week saw Bitcoin plunge below the $20,000 level for the first time since 2020. Realized losses on Bitcoin holdings reached a record $7.3 billion last week, Glassnode said in a report Monday. “With forced sellers appearing to drive much of the recent sell-side, the market might begin to eye whether signals of seller exhaustion are emerging over the coming weeks and months,” the report said.
The T3 Bitcoin Volatility Index, a measure of the token’s expected 30-day volatility, has jumped back toward the highs of mid-May, when the collapse of the TerraUSD stablecoin rocked markets, as reported by Bloomberg.
Digital assets have been selling off all year along with other risky holdings as global central banks have shifted to hiking interest rates to quell soaring inflation.
Developments like lender Celsius freezing withdrawals and decentralized-finance applications taking unprecedented measures to protect themselves against cascading liquidations have injected further uncertainty into the industry.
Embattled crypto lending platform Celsius Network Ltd. said Monday it needs more time to stabilize its liquidity and operations after freezing deposits earlier in June.
Meanwhile, ProShares, a provider of bitcoin-linked exchange traded funds (ETF), announced on Monday it plans to launch on Tuesday an ETF aimed at shorting the world’s largest cryptocurrency.
(With inputs from agencies)
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