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On Tuesday, Bitcoin turned out to be marginally lower, finding itself on track for another losing session because market participants search for another catalyst to drive market sentiment in the crypto market.
The currency pair BTC/USD hit $6,423.55, losing by 0.4%.
As follows from the CME Group Inc., on Monday volumes on Bitcoin futures headed south for the third trading session in a row. With 2,480 transactions, they have decreased by 69% since August 13, exactly when over 8,000 Bitcoin futures contracts managed to change hands.
Notwithstanding the deceleration in volumes, some market experts pointed out that the falling volatility appears to be an upbeat sign for enthusiasts of digital assets. A firm price range is good for Bitcoin as it lifts its use as a reliable store of value and provides developers of the network with more time to create the infrastructure, which will be required going forward.
In addition to this, altcoins, which are any crypto assets that aren’t bitcoins, kept diving for the second day in a row. Following a resurgence late the previous week, the currency pair ETH/USD has headed south for the second day, decreasing by 3.6% coming up with an outcome $275.40. As a matter of fact, the second largest digital currency has gone down by 14% since overleaping $320 on Saturday.
Additionally, the currency pair BCH/USD lost 3.3% being worth $526.30. Furthermore, the currency pair LTC/USD decreased by 0.56% demonstrating $54.96. As for the currency pair XRP/USD, it ended up with 33 cents, losing 4.4%.
Bitcoin futures that concluded marginally lower on Monday were seen in the red early afternoon. The Cboe Global Markets Inc.’s September contractXBTU8 decreased by 0.7% hitting $6,410. As for the CME Group Inc August contract BTCQ8, they dipped by 0.4% reaching $6,405.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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