Bitcoin blockchain completes 900 million transactions, market moves in a narrow range

Crypto market overview: In last 24 hours, BTC has tred flat as it tries to find support near $26,000 mark and tring in a very narrow range of less than 2 per cent. 

Crypto Fear and Greed Index also fell by 2 points towards fear side of meter, suggesting potential volatility ahe in market.

Crypto Fear and Greed Index | Image credit: Alternative.me

While talking to Republic about crypto market movement, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk said, “While its reward-halving event is getting closer, Bitcoin blockchain has achieved a new milestone as total number of transactions on blockchain has surpassed 900 million transactions. It is important to note that Bitcoin volumes on centralised exchanges have hit its 5-year low. last time we saw this was in Sep 2018 when Bitcoin was nearing close of its bear cycle.”

CoinDCX Research Team also shared ir view on crypto market with Republic. CoinDCX said, “Unless Bitcoin manages to surpass end-of-August high at $28,000, most likely direction for its price remains sideways to down as per technicals. Looking at broer picture, any drop below $25,000 could have significant implications.” 

CoinDCX also signalled towards potential volatility in coming days. “This Friday, a substantial number of BTC and ETH options contracts are set to expire on Deribit, with 117,000 BTC options and 1.1 million ETH options reaching ir expiration. This event has potential to increase volatility in prices of se cryptocurrencies,” CoinDCX said.

Bitcoin tring volume reaches 6-year low

Sudeep Saxena, Co-Founder, Coin Gabbar, also underlined decreasing Bitcoin tring volume on crypto exchange. Saxena said, “Investors are concerned that this surge in demand for US dollar might pose challenges for Bitcoin and cryptocurrencies, although se concerns are not necessarily interconnected. Amidst a climate of macroeconomic uncertainty, Bitcoin (BTC) exchanges have seen a significant decrease in tring volume. Bitcoin spot tring volume plunges to 6-year low.”

Edul Patel, CEO and Co-Founder, Mudrex, cited US Treasury yield as reason behind Bitcoin’s recent consolidation. Patel said, “Bitcoin's price has recently consolidated above $26,100 level, possibly due to US. 10-year Treasury yield surging to 4.55 per cent, matching its highest point in approximately 16 years. This sharp rise in interest rates has h a similar impact on equity markets.”

Shivam Thakral, CEO of BuyUcoin, stated that crypto trers might be awaiting for Jerome Powell’s upcoming speech this Thursday. Thakral said, “ crypto market remained flat during last 24 hours as trers await Fed chief’s speech on Thursday which will give us a clear picture of future rate hikes. interest rates are alrey at a higher level as a result of contentious rate hikes to cool down inflation and any furr rate hike will make borrowing a costly affair.”

In anor development yesterday, world’s second-biggest stablecoin issuer—Circle, has launched its EURC stablecoin. stablecoin is backed by Euro on Stellar blockchain, making it third blockchain after Ereum and Avalanche to natively issue coin.

Prices listed were last checked at 11:00 am today according to Coinmarketcap.com

Crypto market in last 24 hours

In last 24 hours, Bitcoin's price remained stable and tred within a range above $26,000 support zone. On or hand, Ereum me slight gains but couldn't cross $1,600 threshold. 

Rajagopal Menon, VP, WazirX credited market movement to Microstrategy’s latest disclosure on Bitcoin accumulation. Menon said, “Microstrategy’s latest Bitcoin purchase has infused some positive sentiment in market, taking it above $26,000. Ereum however continues to tre below key level. Fed has also hinted at possibly higher interest rates to bring down inflation, which is creating a strain on overall ecosystem.” 

Or cryptocurrencies including BNB, XRP, Dogecoin, and Cardano tred in a close range. However, Solana and Toncoin registered some steep decline, falling by over 2.34 per cent and 3.63 per cent respectively.