Bitcoin and other top cryptocurrencies in their trading continued to weaken on Friday, ahead of a thin-volumed weekend. There are several things weighing heavily on Bitcoin, and macroeconomic uncertainty is still troubling traders. The debt ceiling's easing concerns are also having an impact on cryptocurrency sentiment.
The largest cryptocurrency token, Bitcoin, continued to plummet as it lost nearly 2% of its value and fell below the USD 27,000 barrier. In contrast, Ethereum, its largest peer, lost a little more than 1% but held on to USD 1,800 levels. Select altcoins had severe pain.
In the past day, there has been a modest selling pressure on the cryptocurrency markets. The cryptocurrency fear and greed index is currently at 48 points, down 3 points from its previous high. According to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, this suggests a cautious overhang among investors.
"At the moment, Bitcoin and Ethereum are trading in the red, with losses of almost USD 26,700 and USD 1,800, respectively. This might be explained by the economic data, which appears to be dampening investor confidence. In a token-specific move, Ripple (XRP) is introducing a platform for CBDCs, allowing governments, financial institutions, and central banks to create their own distinctive types of digital money, the executive said.
All of the biggest crypto tokens were trading down on Friday, with the exception of XRP and the stablecoins tethered to the US dollar. XRP increased by 4%, but Solana and Avalanche led the pack of losers, declining by almost 3% each. Each of Polygon, Cardano, Litecoin, Polkadot, and BNB lost 2%.
The market capitalization of all cryptocurrencies was trading at a lower level, dropping to USD 1.12 trillion after having increased by about 1% over the previous day. The entire trade volume, however, fell by as much as 5% to USD 31.91 billion.
Blockchain Platform Binance exits Canada market due to new policies
