Crypto Market Stalls as Precious Metals Gain Traction
- Daily trading volume for Bitcoin fell by 25% to $35 billion, while Ether volume shrank by 21% to $24.6 billion.
- Gold has reached $5,085, marking a series of record highs, while silver is up over 57% this year.
- Over $270 million in leveraged crypto futures bets were liquidated in the past day, primarily from bearish positions.
- Open interest in HyperLiquid’s HYPE token surged by 30%, nearing its December record high of over 57 million HYPE.
- Privacy coins Zcash and Monero saw increases of about 4% and 3%, respectively.
The current low-liquidity environment is contributing to a decline in volatility across the crypto market, as traders show apathy amidst rising precious metals prices. This shift towards haven assets is impacting trading behaviors and market dynamics significantly.
With Bitcoin’s trading volume down significantly and over $270 million in futures liquidations, the market reflects cautious sentiment amid external economic pressures.(Source)
