Bitcoin prices at the time of writing this copy at around 11:30 pm IST quoted lower by 4.9% at $44,154 on Coindesk- a blockchain news outlet, while it topped a day-high of $46,767. Other top digital assets collated by the platform also were dragged lower between 2-10%, with the maximum weakness seen in Chainlink of close to 10%.
Ethereum with a drop of over 7% was just held above $3000, while cryptos like Ripple, Cardano and Dogecoin suffered losses in the range of 2-8%. Dogecoin at the time of writing this copy quoted at a price of $0.26, with a drag of over 7.5%.
As per the on-chain data and sources reached out to by Coindesk, Bitcoin showed signs of exhaustion by buyers near the price level of $47,000 as bulls began to recede.
The derivatives markets are long, perpetual funding rates are positive for shorts, indicating short-term positive interest from retail," Toby Chapple- head of trading at digital asset firm Zerocap, told CoinDesk. Nevertheless, things on the institutional front depicted a slightly different scene as Chapple is of the view that "calendar futures across both bitcoin and ether were "fairly compressed" pointing toward open interest growing for short positions".
In less than a month, bitcoin has gained a substantial 50%, as it broke a long-term moving average owing to robust institutional and retail demand.
On the overall bearish trend in crypto, global crypto market cap stood at $1.84 trillion, down over 5% over the previous day. Additionally, the overall volume in the crypto universe over the previous day is $125.49B, which indicates a 4.59% increase.