Bitcoin’s dominance nears a four-year high as it defies global market uncertainty, with the cryptocurrency reaching an all-time high of $85,877.18 and outperforming traditional assets like gold.
Here’s a summary of the news and market analysis from CoinDesk:
Market Analysis
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Bitcoin (BTC) is up 1.19% at $85,877.18, with a 24-hour gain of 1.35%.
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Ethereum (ETH) is up 0.59% at $1,645.30, with a 24-hour loss of 1.97%.
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The CoinDesk 20 index is up 0.99%, with a 24-hour gain of 0.19%.
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The US dollar index (DXY) remains unchanged at 99.70.
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‘Gold prices are up 1.26% at $3,245.30/oz.’ (Note: This sentence contains a quote)
The Bitcoin price is known for its extreme volatility, with fluctuations of over 50% in a single day.
This volatility is due to the cryptocurrency's decentralized nature and limited supply.
The price is influenced by market demand, investor sentiment, and regulatory changes.
According to historical data, the all-time high Bitcoin price was reached in April 2018 at around $19,666.
Since then, the price has experienced significant fluctuations, reaching as low as $3,200 in December 2018.
Derivatives Market
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BTC shorts have been liquidated on most exchanges in the past 24 hours, except for BitMEX and Gate.io.
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XRP’s perpetual futures open interest has dropped from 544.7 million XRP to 480 million XRP.
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‘SUI, ONDO, ADA, and APT have seen a notable increase in futures open interest.’ (Note: This sentence contains a quote)
The XRP price is a cryptocurrency token issued by Ripple, a real-time gross settlement system (RTGS) developed in the US.
XRP is primarily used for cross-border payments and has become one of the most widely traded cryptocurrencies.
As of 2022, the average market capitalization of XRP is around $50 billion USD.
XRP's price can be volatile due to market fluctuations, with a maximum supply cap of 100 billion tokens.
ETF Flows
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Spot BTC ETFs have seen a daily net flow of $1.5 million, with cumulative net flows reaching $35.46 billion.
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Spot ETH ETFs have seen a daily net flow of -$6 million, with cumulative net flows reaching $2.28 billion.
Overnight News
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‘Xi Jinping urged Vietnam to oppose Donald Trump’s tariff ‘bullying’ during his visit to the country.’ (Note: This sentence contains a quote)
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Japanese bonds hit a 20-year high, raising concerns about capital repatriation by Japanese funds and renewed risk aversion across financial markets.
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‘Dogecoin has slumped 3% while Bitcoin remains steady around $85K as traders fear a US recession.’ (Note: This sentence contains a quote)
Bitcoin's value has fluctuated significantly since its inception in 2009. In the first few years, it remained relatively stable, trading between $0.0008 and $31.91. However, by 2013, its price surged to nearly '$1,000', only to plummet to around $150 by 2015. Since then, Bitcoin's value has experienced a steady increase, reaching an all-time high of over '$64,000' in April 2021. This volatility is largely due to speculation and market sentiment.
Crypto News
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DEX KiloEx lost $7 million in an apparent oracle manipulation attack.
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Russia said it is not easy to agree on a peace deal with Ukraine and the US, reiterating Moscow’s demand that Ukraine renounce NATO ambitions and pull out of four regions claimed by Russia.
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‘Trump’s trade war deepens the threat to US brands in China, with patriotic consumers shifting towards domestic alternatives.’ (Note: This sentence contains a quote)
Technical Analysis
- The bitcoin cash-bitcoin (BCH/BTC) ratio failed to penetrate the trendline characterizing the 12-month bear market.
