Market Wrap: Bitcoin Continues Choppy in High $ 40Ks Amid Market Determination – CoinDesk

Bitcoin slipped 5% and struggled to maintain momentum after a major rally on Monday to start the month.

As of 21:00 UTC (16:00 ET), bitcoin changed hands just over $ 47,000 on Coinbase. The largest cryptocurrency still has the high price above $ 58,000 reached at the end of last month.

A combination of factors could have scared some forex traders, leading to last week’s 21% sales, the largest for a seven-day stretch since March 2020.

But there has also been a steady stream of bullish news:

Due to Cboe’s filing, EQUO’s Sales and Trade Manager Matt Blom told CoinDesk: “This does not in any way ensure that the locks will open, but it is a major step towards giving the investing public easy access to the performance of our favorite asset. ” As regulators consider the listing, “there will be a wide range of competitors to the VanEck bitcoin ETF in the hope that the winds of change are officially here,” Blom said.

Conclusion: the market is silent as it struggles to find direction. Bitcoin has gained 60% so far. Ether (ETH) has doubled during the same period but today krypton is down -3.87%.

Digital assets on CoinDesk 20 is down on Tuesday. Notable winners from 21:00 UTC (16:00 ET):