Bitcoin, Ethereum On A Retreat

By Laxmikant Khanvilkar

Bitcoin, Ethereum are trending lower in the last 24 hours, as investors decide to take some profits of the table.

Investors brace for a deluge of corporate earnings throughout the week. After tech giant Microsoft earnings release, which was more or less in line with the expectations, the markets are awaiting for Tesla’s performance.

The largest cryptocurrency by market value was recently trading at $22,700, down 1.3% in the past 24 hours. The total volume of bitcoin options on Deribit rose to $4.25 billion last week, the highest point since Sam Bankman-Fried's FTX exchange went bust in the second week of November.

Equities closed mixed as traders continued processing the latest round of fourth-quarter earnings reports from companies including General Electric. The Dow Jones Industrial Average (DJIA) was up 0.31% while the S&P 500 and the tech-heavy Nasdaq Composite were down 0.07% and 0.27%, respectively.

The global crypto market cap stands at $1.02 tn, a decrease of 3.05% from the previous day. The 24-hour volume in the crypto market is $55.57 bn, a dip of 0.43%. Decentralized finance (DeFi) accounts for 9.53% of the total 24-hour crypto market volume, standing at $5.30 bn. Stablecoins make up the majority of the crypto market's 24-hour volume, at 87.91% ($48.85 bn). Bitcoin's dominance has risen 0.53% to 42.66%.

In other news, Binance, the world’s largest crypto exchange by trading volume, mistakenly kept collateral for some of the crypto assets it issues in the same wallet as funds belonging to its customers, Bloomberg reported Tuesday, citing an unidentified Binance spokesperson.

In other news, Coinbase CEO Brian Armstrong, in his Tweet advised Brazil and Argentina to consider Bitcoin as “probably the right long term bet”. The Latin American countries are jointly exploring common currencies named “sur”.


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