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Arslan Butt
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Arslan Butt
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Bitcoin (BTC), the world’s leading cryptocurrency, dipped below the $60,000 mark after a brief rally, hitting an intra-day low of $58,730.
At the time of writing, it was trading around $59,000. The global crypto market capitalization stands at $2.1 trillion, marking a 1.97% decline over the past 24 hours.
Interestingly, Bitcoin’s open interest surged to $365 million ahead of the November 4 U.S. presidential election, signalling significant speculation on its impact on the digital asset’s future performance.
Bitcoin’s Market Dominance Surges to 56.2% as Altcoins Lose Ground
Bitcoin’s market dominance has surged from 38.7% in November 2022 to 56.2% in August 2024, reflecting a growing preference among investors for Bitcoin as a safer investment during uncertain times.
This increase in Bitcoin’s dominance has led to a decline in the market shares of other cryptocurrencies:
- Ethereum’s share dropped from 16.8% to 15.2%
- Stablecoins fell sharply from 17.3% to 7.4%
- Altcoins decreased from 27.2% to 21.3%
This trend indicates that investors are increasingly moving their money from riskier assets, such as altcoins and stablecoins, to Bitcoin, which is viewed as more stable and secure.
The rise in Bitcoin’s market dominance highlights its growing appeal as a safe-haven asset, particularly in volatile markets, while other cryptocurrencies struggle to maintain their market share.
Spot Bitcoin ETFs saw a notable increase in inflows, reaching $88.06 million on August 21, marking their second consecutive day of positive activity.
This represents a 42% rise from the previous day’s inflows. BlackRock’s IBIT led the way with $55.4 million, bringing its total inflow to $20.53 billion.
ARK 21Shares’s ARKB followed with $51.9 million. However, Grayscale’s GBTC and Biwise’s BITB faced outflows of $12.8 million and $6.5 million, respectively.
Overall, Bitcoin ETF trading volume surged to $1.35 billion, and institutional ownership climbed to 24% by the end of Q2 2024.
In contrast, Ether ETFs struggled with continued outflows, totaling $6.49 million on August 21. This marked the fourth consecutive day of negative flows, with Grayscale’s ETHE experiencing the largest outflow of $37 million.
Despite some inflows into BlackRock’s ETHA and Biwise’s ETHW, cumulative Ether ETF outflows reached $440.11 million.
The surge in Bitcoin ETF inflows and growing institutional interest signal strong investor confidence, supporting Bitcoin’s price stability and potential growth.
The US Treasury Department plans to redefine “money” to include cryptocurrencies like Bitcoin, potentially subjecting crypto transactions to the same reporting requirements as traditional money.
This would mean banks and businesses handling cryptocurrencies must report transactions over $10,000 to the government, aiming to increase transparency and combat illegal activities.
However, this move raises significant privacy concerns, as it could grant tax authorities and law enforcement easier access to crypto transaction data.
This proposal aligns with the Financial Action Task Force’s “Travel Rule,” which mandates sharing transaction details for financial transparency.
While this regulatory step could enhance Bitcoin’s legitimacy by aligning it with traditional financial systems, it faces criticism from the crypto community for potentially infringing on privacy.
The final decision is expected in 2025, and its impact on cryptocurrency adoption and privacy remains uncertain.
The proposed regulation could increase institutional interest in Bitcoin by boosting its legitimacy, but privacy concerns might lead to market volatility, potentially affecting Bitcoin’s price stability and investor sentiment in the short term.
Bitcoin Breaks $60,000, Eyes $61,818 Amid Bullish Momentum
Bitcoin (BTC/USD) is currently consolidating within an ascending triangle pattern, with support of around $59,250.
This pattern typically suggests a potential uptrend, especially if BTC can break above the $60,000 level.
However, failure to surpass this psychological barrier could limit buying interest and maintain the current sideways action.
The Relative Strength Index (RSI) is around 51, indicating neutral momentum. The 50-day Exponential Moving Average (EMA) at $59,370 is closely aligned with the current price, offering additional support.
If BTC remains below $60,000, consider a bearish outlook. A sustained break above this level could revive bullish momentum.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
