Crypto Market Update: Bitcoin Sees Minor Retracement After Recent High
Crypto Market Update – As of the latest data, the CoinDesk 20 Index stands at 2,039.00, reflecting a decrease of 1.08%. Bitcoin (BTC) is priced at $67,083.27, down 0.76%, while Ethereum (ETH) trades at $2,609.37, showing a slight decline of 0.27%. In traditional markets, the S&P 500 is up 0.47% at 5,842.47, and Gold has risen by 0.54% to $2,688.52. The Nikkei 225 is down 0.69%, currently at 38,911.19.
Bitcoin Shows Signs of Consolidation
Bitcoin has pulled back to the $67,000 mark during the Asian and European trading sessions, indicating a phase of consolidation following its surge above $68,000 earlier this week. As of the late European morning, BTC has dipped approximately 0.7% over the last 24 hours, stabilizing just above the $67,000 level. This minor retracement is consistent across other major cryptocurrencies, with the broader digital asset market declining by 1%, according to the CoinDesk 20 Index. Currently, Bitcoin appears to have avoided a sharp rejection after its recent high and is instead taking a breather, as traders await the next market catalyst.
Trump Leads Prediction Markets
In political news, former President Donald Trump is extending his lead over Kamala Harris in prediction markets, with strong momentum now observed on Kalshi. Trump is leading Harris 56-44 on Kalshi, marking a notable increase since early October. Analyst Jack Such from Kalshi commented, “Harris is falling in key demographics and has lost ground in every ‘Blue Wall’ state over the past three weeks.” Trump’s lead has also widened to 20 points on Polymarket, with traders assigning a 60% chance of his return to the White House in 2025.
Rise of Crypto Investments in Asia
A growing number of private wealth managers in Asia are entering the cryptocurrency market, with some projecting Bitcoin to reach $100,000 by the end of the year, as reported by digital asset technology platform Aspen Digital. The report indicates that 76% of family offices and high-net-worth individuals are currently investing in cryptocurrencies, while 16% plan to do so in the future. This marks a significant increase from 2022, where only 58% had exposure to digital assets, and 34% intended to invest. The primary motivator for these investments is higher returns, with increasing emphasis on diversification and inflation hedging.
Chart of the Day
Today’s chart highlights the leading blockchains based on the total dollar value of cryptocurrencies bridged in the past four weeks. Ethereum takes the lead, followed by Coinbase’s layer 2 Base, which has exhibited significantly higher activity compared to its competitor Arbitrum.
Leave a comment