Market Wrap: Bitcoin Trading Flat, Holding at $ 9.6K

After a rapid recovery on Monday, Bitcoin remains in bullish territory, although trade held steady on Tuesday.

Bitcoin (BTC) was trading around $ 9646 as of 20:00 UTC (4 pm ET), gaining 1% in the last 24 hours.

At 00:00 UTC on Tuesday (8:00 pm, Monday ET), bitcoin was changing hands around $ 9,675 on spot exchanges like Coinbase. After a drop as low as $ 9,571, the price rebounded but failed to cross $ 9,700. However, the bitcoin price is still well above its 10-day and 50-day moving averages, which is a bullish signal for market techs.

Bitcoin trading on Coinbase since June 21
Source: TradingView

Read more: The last time volatility was this low Bitcoin rose to $ 2K

Monday’s trading volume was only slightly higher than it had been in recent days, with Coinbase’s bitcoin spot volume at $ 112 million. However, it was the highest since June 15 when the volume reached $ 171 million. As of Tuesday, the volume on Coinbase is $ 63 million, according to data from the Skew aggregator.

Coinbase bitcoin spot volume last month
Source: Skew

The exchange volume is certainly lower than a month ago, and traders are concerned about traditional stocks that are likely to lower bitcoin’s price if stocks fall. “Momentum looks good and the crypto market is a bit bullish,” said Sasha Goldberg, senior trading specialist at crypto liquidity provider Efficient Frontier. “But the sentiment of traditional markets has not changed and may stop this bitcoin execution,” he added.

Bitcoin is far outperforming traditional global equity markets, up 38% in 2020.

Bitcoin (gold), S&P 500 (blue), Nikkei 225 (red), and FTSE 100 (green)
Source: TradingView

Michael Gord, CEO of crypto brokerage Global Digital Assets, says bad second-quarter reports for some public companies could drag stocks lower and bring some crypto price movements. “I think we will probably see more crypto buildup until second quarter earnings reports are released for public companies, and then I would expect more volatility for better or for worse,” he said.

Meanwhile, the major stock indices are all green on Tuesday.

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The Nikkei 225 of listed companies in Japan rose 0.50%. The index saw gains in paper, transportation and real estate to close the day higher.

The FTSE 100 index in Europe rose 1.4%. Economic indicators in the manufacturing and retail sectors increased, sparking investor confidence.

The US S&P 500 Index. USA It gained 0.43%. Tech stocks made big gains on the day, including Apple, which was up 2.1%.

ETH / BTC trading pair wins in DeFi frenzy

Ether, (ETH), the second-largest cryptocurrency by market cap, rose on Tuesday, trading around $ 244 and then up 0.65% in 24 hours from 20:00 UTC (4:00 pm EDT). .

The ether-bitcoin (ETH / BTC) trading pair is rising to levels not seen since the end of May, showing the strength the ether is experiencing lately. This trading pair is available on almost all cryptocurrency exchanges and ether prices in bitcoin terms, for example 1 ETH currently equals 0.02528 BTC. It is a way for cryptocurrency traders to take advantage of price movements in the two largest digital assets by market cap. When a trader is bullish on ether relative to Bitcoin, ETH / BTC is bought; optimists about bitcoin relative to ether sell it.

ETH / BTC returns to highs in late May
Source: TradingView

The rise in ether versus bitcoin can be attributed to the decentralized finance capabilities of the Ethereum, or DeFi, network with services like the Compound lender, said Matthew Ficke, head of market development for cryptocurrency exchange OkCoin.

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“ETH / BTC as a trading pair is interesting as it is up and running,” Ficke told CoinDesk. “There is a growing market discussion about Compound’s recent success that generates more interest in DeFi applications, most of which run on ether, which is strengthening its price.”

Other markets

The digital assets on the big CoinDesk board are mostly on Green Tuesday. Cryptocurrency winners on the day include zcash (ZEC) up to a staggering 11.7%, declining (DCR) rising 4.1%, and dash (DASH) gaining 3.7%. All price changes were from 20:00 UTC (4:00 pm ET).

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In raw materials, oil is in the red 0.72% on Tuesday, as the barrel of crude oil was priced at $ 40.27 at press time. Gold is trading as the yellow metal rose 0.90%, trading around $ 1,770 per day.

Contracts for difference in gold since June 19
Source: TradingView

US Treasury Bonds USA They were combined on Tuesday. Yields, which move in the opposite direction of the price, fell further on the two-year bond, in the red 3%.


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