Crypto markets mostly quiet as traders hold their breath ahead of ETF launch
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Crypto has been in a holding pattern today ahead of the long-awaited launch of a Bitcoin futures ETF in the United States tonight (AEDT).
The overall crypto market was down essentially flat at US$2.50 trillion, with Bitcoin edging 0.2 per cent higher late this afternoon to US$62,429 and Ethereum down 1.2 per cent to US$3,814.
Crypto chartist MICKrypto posted that Bitcoin had been undergoing a “time-based correction” over the past few days, letting it consolidate after an explosive move to the upside the past few days.
“All in all, Bitcoin is still looking very bullish,” he wrote. “But it’s still important to be aware of the bearish divergences and the possibility of a buy the rumours, sell the news event as the ETF is likely to launch tomorrow.”
No coin in the top 100 had made a double-digit move in the past 24 hours, a rare occurrence in the usually volatile crypto markets.
But Livepeer, the No. 122 crypto, soared 45.9 per cent to a five-month high of US$29.75 ahead of an announcement set for the overnight hours.
Fantom was the biggest gainer, rising 9.4 per cent to US$2.43, while Stacks was the biggest loser, down 8.0 per cent to US$2.40.
Kadena and MinePlex, the No. 178 and No. 180 cryptos, had both hit all-time highs earlier this afternoon, according to Coingolive.
Kadena is a proof-of-work blockchain with a smart contract layer, while MinePlex is a “new generation mobile crypto bank with its own blockchain and liquid token,” according to Coinmarketcap.