CoinDesk Market Index Falls as Profit-taking Hits Crypto Prices
The CoinDesk Market Index, which tracks over 100 tokens, has experienced a 0.71% decrease in the past 24 hours, indicating widespread profit-taking in the crypto market. This decline can be attributed to profit-taking and a general risk-off sentiment that affected crypto prices on Thursday. Despite the recent gains made by bitcoin and other major tokens following a U.S. court ruling, these gains have tapered off. The ruling ordered the SEC to reconsider its rejection of the Grayscale Bitcoin Trust’s bid to become an exchange-traded fund, sparking optimism among traders. However, caution has been advised as there is no guarantee that this ruling will result in the approval of a spot bitcoin ETF. As a result, major tokens like SOL and DOT have retraced more than 5% from their recent highs.
Key Points:
– The CoinDesk Market Index fell 0.71% in the past 24 hours, indicating profit-taking across the board.
– The recent gains made by bitcoin and major tokens have tapered off due to profit-taking and a risk-off sentiment.
– The U.S. court ruling ordering the SEC to reconsider its rejection of the Grayscale Bitcoin Trust’s bid to become an ETF initially lifted prices of major tokens.
– However, caution has been advised as there is no guarantee that this ruling will lead to the approval of a spot bitcoin ETF.
– Major tokens like SOL and DOT have retraced more than 5% from their recent highs.
Hot Take:
Despite the initial optimism sparked by the U.S. court ruling, the crypto market has experienced a decline due to profit-taking and a risk-off sentiment. The ruling may open the door for a spot bitcoin ETF, but caution is necessary as there is no guarantee of its approval. This serves as a reminder that market volatility and uncertainty are inherent in the crypto space.
By
By
By
By
By