Selloffs Hit Cryptos Ahead of Microsoft Votes on Bitcoin
The global market valuation of all cryptocurrencies declined due to selloff pressure at the beginning of the new week ahead of Microsoft shareholders vote.
The global crypto market cap dropped to $3.6 trillion, representing a 2.44% decrease over the last day across exchanges. According to data from the CoinMarketCap.com, the total crypto market volume over the last 24 hours reached $196.83 billion, which makes a 25.51% increase.
At the same time, the total volume in DeFi settled at $17.39 billion, accounting for 8.84% of the total crypto market 24-hour volume. Data also revealed that the volume of all stable coins was at $184.11 billion, which is 93.54% of the total crypto market 24-hour volume.
The biggest cryptocurrencies were down ahead of Monday’s US equities open as investors wait for key inflation data and before Microsoft shareholders vote on adding bitcoin as a balance sheet inflation hedge.
Bitcoin (BTC) is down 1.4% in the past 24 hours to trade at about $98,357. Ethereum (ETH) decreased by 3.2% to $3,852. The global crypto market cap was down 2.6% to $3.57 trillion. The CoinDesk Market Index, which tracks digital assets, was down 2.9% in the last day.
Microsoft shareholders on Tuesday will be presented with a proposal by the National Centre for Public Policy Research to add bitcoin to its treasury. Directors are urging investors to vote against the measure, which has the support of MicroStrategy’s (MSTR) executive chairman, Michael Saylor.
Spot price bitcoin exchange-traded funds on Friday saw total net inflows of $376.59 million, according to data compiled by research platform SoSoValue. Ethereum ETFs ended the week with inflows of $83.76 million.
This week’s economic data includes consumer-price inflation on Wednesday and producer-price growth the following day. Both come ahead of next week’s Federal Open Market Committee meeting on interest rates. Lafarge Africa Rises by 28% as Investors Target Acquisition Price
