Bitcoin, Ethereum Trade in Red as Crypto Hunting Slows

Bitcoin, Ethereum Trade in Red as Crypto Hunting Slows

Bitcoin, Ethereum, and other top crypto assets are trading in red as investors’ sentiment weakened again, albeit with mild swings. The market anticipates a plan to reopen the US government to fuel the next rally.

The U.S. Senate on Monday passed a spending package that could end the shutdown, boosting stocks and Bitcoin. Recall that the top largest digital assets rebounded early this week with positive price upticks that lifted their respective market value. The rebound followed massive sell-offs in the past week.

The euphoria of the US government reopening expectations drove momentum, but bargain hunting has proven to be short-lived as cryptocurrencies struggle.

Bitcoin (BTCUSD) price crossed the $106k level on Monday, but its upward price movement had been restricted. Now, it has reversed from climbing, losing about 1% over the last 24 hours, settling below the $105k range.

Ethereum, the world’s second largest, has 1.14% over the same period and is now trading at $3,549 on Tuesday. It market cap has reduced to $429.723 billion on $37.283 billion in trading volume.

With a total of $2.909 trillion in market cap, Bitcoin has seen significant trading volume from investors liquidating positions with a trading volume of $70.300 billion.

The same appears for Ethereum, suggesting quick profit-taking as markets anticipate the U.S. government to reopen in coming days, perhaps weeks.

With the negative trade record in Bitcoin and Ethereum, global market capitalisation of all assets has declined by more than 1.09% to $3.54 trillion at the time of writing. The reduction in crypto market cap was also driven by losses in BNBUSD (2.4%), SOLUSD (1.43%), and XRP (1.35%).

According to trading data from CoinMarketCap.com, BNBUSD, the fifth largest crypto, has slumped to $134.425 billion in market cap. Solana (SOLUSD) market cap has reduced to $90.951 billion, and XRP market value has dropped to $247.034 billion.  # Bitcoin, Ethereum Trade in Red as Crypto Hunting Slows MTN Nigeria Lost 8.3% Ahead of Interim Dividend, Potential Offer