ISLAMABAD
The cryptocurrency market edged lower on Wednesday for the second session in a row, with the market capitalization losing 0.4 percent to reach $2.39 trillion.
As of 1310 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, inched down to $62,547 with a decrease of 0.2 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $1.231 trillion with this decrease. Bitcoin has been 8.3 percent down in the past seven days.
Following Hong Kong’s approval of spot ETFs, Bitcoin surged to $66,500 before stabilizing around $62,000 amidst escalating tensions between Iran and Israel. Despite consolidation, there’s noticeable buying activity at lower levels, suggesting potential sideways movement until Bitcoin gains sufficient momentum. Key support rests at $60,775, while resistance is at $66,900.
Earlier on Monday, Hong Kong approved the launch of several exchange-traded funds (ETFs) that will track the spot prices of Bitcoin (BTC) and Ethereum (ETH). The news helped BTC recover from its crash on April 14, when it dipped from above $70,000 to $61,000 due to the escalation of conflict between Iran and Israel. China Asset Management’s Hong Kong division announced that it has secured the green light from the Hong Kong Securities and Futures Commission (SFC) to provide retail asset management services focused on these new spot crypto ETFs. The firm is partnering with OSL and BOCI International to introduce these products to the market.
Following suit, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, fell by 0.9 percent to reach $3,035. With this decrease in price, the market capitalization of ETH has reached $364.6 billion. ETH has shed 12.3 percent of its value during the last seven days.
However, Binance Coin (BNB) price inched up by 0.1 percent to reach $536. The market capitalization of BNB has reached $82.7 billion with this increase. BNB has shed 7.1 percent of its value during the last seven days.
Similarly, Solana price increased by 1.1 percent to reach $133. With this increase in price, its market capitalization has reached $59.5 billion. SOL has shed 19.8 percent of its value during the last seven days.
In the same way, the price of Ripple (XRP) increased by 0.8 percent to reach $0.490. The market capitalization of XRP stands at $27 billion with this increase. XRP has shed 18.7 percent of its value during the last seven days. TLTP
