Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines

Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines


Bitcoin steadied around $18,000 after record volumes on Wednesday while Ethereum 2.0 may be causing some investors to move ether out of decentralized finance (DeFi).

Bitcoin (BTC) trading around $18,026 as of 21:00 UTC (4 p.m. ET). Gaining 2.1% over the previous 24 hours. Bitcoin’s 24-hour range: $17,364-$18,170 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Nov. 17.

Source: TradingView

Bitcoin’s price rise stalled somewhat Thursday, with the world’s oldest cryptocurrency hitting as high as $18,170 before dipping below the $18,000 level, but back to $18,026 as of press time. 

Volume contributed to the weakening price action. At $1.79 billion, Wednesday was the highest volume day for major USD/BTC spot exchanges since way back on March 13, when volumes hit $1.98 billion the day after the “Black Thursday” crash. Today, daily volume on these exchanges were at a

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