Crypto Markets Sink Amid Macro Uncertainty
Crypto markets are experiencing renewed pressure as Bitcoin slipped below $64,000 and Ethereum fell to under $1,900. This volatility comes amid macroeconomic uncertainty and leveraged positioning.
The global crypto market capitalization dropped 1.24% to $2.19 trillion, according to CoinMarketCap. Trading volume reached $22.3 billion, said Vikram Subburaj, CEO of Giottus.
Bitcoin's failure to clear the $65,400 mark suggests that ETF demand is being met by sufficient selling elsewhere in the market, said Subburaj. Leverage should be kept low while Bitcoin remains below $66,800, he added.
Nischal Shetty, Founder of WazirX, noted that BTC's price recovered from early weakness near $63,860 and is consolidating around $64,000. ETH is trading near $1,876, around 0.23% up in 24 hours, after rebounding from roughly $1,870.
Bitcoin has slipped from an August high near $65,400 to about $64,000 as oil surged 5% to $81.80 a barrel, said Prateek Gupta, Head of Business at Mudrex. With inflation data due later this week, Bitcoin is likely to remain range-bound between $63,000 and $65,000 in the near term.