Key Moments:
- Bitcoin edged around 0.1% lower on Thursday, surrendering earlier gains that saw the token climb above $105,000.
- Total crypto market capitalization fell 3.25% to $3.41 trillion.
- Circle priced its IPO above expectations.
Bitcoin Slides as Crypto Sphere Retreats
Bitcoin failed to sustain its upward momentum on Thursday as it fell from earlier gains and slipped below the $105,000 threshold. This performance was not isolated, with major altcoins like Ethereum also experiencing declines. The total cryptocurrency market cap fell by 3.25% and hit $3.41 trillion, as revealed by CoinGecko data, while trading volumes stayed depressed at $89 billion.
Sentiment Uptick Does Not Translate to Gains
Today’s price movements contradicted an apparent improvement in sentiment toward the industry. Major cryptocurrencies retreated early Thursday, unable to sustain gains despite sentiment toward the industry appearing to improve. As reported by media giant Bloomberg, JPMorgan clients may soon be able to use crypto-linked assets as loan collateral, which would mark a milestone for institutional adoption.
Another development that failed to aid crypto assets was USDC issuer Circle’s IPO pricing. The company recently disclosed that it has decided to proceed with an offering of 34 million shares, which will each cost $31. This marks a notable increase from the previous pricing of up to $28, and the shares count has also gone up by 0.2 million. The move suggests that there is robust interest in Circle among investors.
Meanwhile, US-listed spot Bitcoin ETFs recorded inflows for two consecutive days, while Ethereum spot ETFs extended their streak to thirteen straight sessions. Yet, this influx of capital has not managed to substantially lift overall market prices.
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