Bitcoin Price Slips below $63,000 on Bearish Heat
Sell pressure on world largest crypto asset, Bitcoin, has dropped below $64,000, according to data from cryptocurrencies exchange reviewed.
The heat on BTC-USD has been fueled by bearish movement in its exchange traded fund recently approved by regulators. The total cryptocurrency market capitalization plummeted, approaching its lowest level in five weeks at $2.3 trillion.
According to data from cryptocurrency exchange CoinMarketCap, the total crypto market volume declined by 19.97% to $56.78 billion. Meanwhile, the total volume in DeFi which settled at $4.71 billion was 8.29% of the total crypto market volume.
Most major digital assets fell on Friday with bitcoin (BTC-USD) losing more ground. The CoinDesk Market Index, which tracks 192 digital assets, was down by more than 1% in the past 24 hours.
The most popular cryptocurrency is on pace to conclude the week with a loss of more than 2%. Ethereum (ETH-USD), the second-largest digital asset, was trading 0.2% higher at $3,530 and heading for a weekly gain of nearly 4%.
BNB (BNB-USD), the third-largest digital asset by market value excluding stable coins, shed 1.2%, while Solana (SOL-USD), the fourth-largest, dropped 0.8%.
XRP (XRP-USD) lost 1%, Dogecoin (DOGE-USD) was 0.2% lower, Cardano (ADA-USD) slumped 2.1%, and Toncoin (TON-USD) dipped 0.3%.
The US 10-year Treasury yield closed at 4.255%, up from Thursday’s 4.25%, while the five-year Treasury yield closed at 4.269%, up from 4.262%.
The total market value of the cryptocurrency industry dropped 1% in the past 24 hours to $2.34 trillion. Trading volume decreased 1.1% to $68.75 billion. Meanwhile, the volume of all stable coins which settled at $52.44 billion accounted for 92.36% of the total crypto market 24-hour volume.Foreign Investors Offload Nigeria Eurobond amidst Subpar Credit Rating
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