Crypto
Bitcoin slips below $65,000 amid stronger US Dollar; BNB, Shiba Inu drop over 3%
Bitcoin was trading 1.3% lower at $64,592 as of 11:56 a.m. IST, while Ethereum was below the $3,550 level.
The dollar index, which measures the currency against six major peers including the yen, sterling, euro, and Swiss franc, spiked 0.41% overnight.
Crypto Tracker
The dollar last traded 0.05% stronger at 159.015 yen. The U.S. currency added 0.07% to 0.89165 Swiss franc, following a 0.78% surge overnight.The dollar index was little changed at 105.66, on course for a slight weekly gain that would extend its winning streak to three weeks.A rise in the dollar index is generally negative for Bitcoin because it indicates a stronger U.S. dollar, leading investors to move away from riskier assets like cryptocurrencies.Meanwhile, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Bitcoin’s fall below $65,000 was partly due to crypto hedge funds reducing their exposure to Bitcoin to 0.37, the lowest since October 2020. This cautious approach by hedge funds, driven by expected volatility, macroeconomic conditions, or regulatory uncertainties, increased selling pressure.”Edul Patel, CEO of Mudrex, said, “Bitcoin traded below the $65,000 level over the past day, breaking its support at $66,809 due to increased liquidations. The next support level is set at $64,000.”
Also Read: FIU slaps Rs 18.82 cr penalty on crypto exchange Binance
Other popular cryptocurrencies like BNB (3.1%), Solana (2.8%), XRP (1%), Dogecoin (0.5%), Shiba Inu (3.1%), and Polkadot (3.5%) declined.
The global cryptocurrency market cap declined by 1.5% to around $2.36 trillion in the last 24 hours.
The volume of all stablecoins is now $63.49 billion, which is 92.62% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.273 trillion. Bitcoin’s dominance is currently 54.12%, according to CoinMarketCap. BTC volume in the last 24 hours rose 33.8% to $25.5 billion.
“BTC is consolidating around the $65,000 mark, and its direction remains uncertain. This is a critical level because a drop below it could lead BTC to fall to $60,000. Altcoins are generally weaker compared to BTC and ETH,” said CoinDCX Research Team.
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)
How Indiana’s redistricting could impact the legislative session
Statehouse reporter Kayla Dwyer breaks down tensions between Indiana and the Trump administration regarding the state’s redistricting efforts.
Indiana lawmakers are hoping to make the state a cryptocurrency leader by allowing the state to invest in digital currencies like Bitcoin for state savings and retirement plans while prohibiting local communities from restricting crypto companies.
The legislation, House Bill 1042, comes as excitement grows over the once obscure digital assets that have made millionaires and wiped-out fortunes. Its supporters now include some of the country’s most powerful people, including President Donald Trump and initially hesitant financial institutions, while the first major piece of crypto legislation passed Congress earlier this year.
Now, Indiana is looking for a slice of the windfall. The topic was one of just a few to get an earlier-than-usual hearing as lawmakers consider redistricting, signaling it’s a major topic of interest among Republicans.
“Crypto policy will become a mainstay of this committee’s work for probably years to come,” said bill author Kyle Pierce, R-Anderson, at a House Financial Institutions Committee meeting Dec. 4.
A volatile investment?
Though the bill would allow public investment funds to delve into the world of digital currency, it stops short of allowing direct crypto investments.
Instead, the bill applies to cryptocurrency exchange traded funds, or EFTs — a safer, federally regulated fund that tracks crypto prices, either by holding the digital assets or a contract that speculates on prices in the future.
The state investment programs required to provide such options include the 529 education savings plan and certain retirement funds for teachers, public employees and lawmakers. It also allows other state investment funds to place their assets in crypto EFTs.
While less volatile than a direct investment, it’s not entirely without risk. Because there is less oversight in the underlying crypto market, the Securities and Exchange Commission has warned it’s difficult to prevent fraud and ensure fairness, even for EFT investors.
That was a tentative concern for Tony Green, deputy executive director of the Indiana Public Retirement System, at the House Financial Institutions Committee hearing Dec. 4.
Though neutral on the bill, Green said IPRS would want to ensure there were proper disclaimers about volatility. And while the agency wants to offer choices to their members, he said, those surveyed were generally uninterested.
No anti-crypto regulations
Another aspect of the bill limits how local governments and state agencies can regulate crypto, though Pierce said it’s only intended to ensure laws don’t unfairly target crypto.
Specifically, it would prohibit regulation of an individual or a business’ ability to accept digital currency as payment, including by taxing use of the payment method. It also stops local governments from denying crypto mining facilities in areas zoned for industrial use or applying noise restrictions specific to crypto.
There was some worry about a clause in the bill that bans a public agency from prohibiting a person’s ability to “use or accept digital assets as a method of payment for legal goods and services.”
The bill was welcomed by the founder of the local crypto mining business Megawatt.
Ilya Rekhter, who operates mining facilities in rural areas across the state, said the legislation would help prevent a sudden change in zoning laws after a business has already invested money in a facility, Rekhter said.
“We’re not asking for any special treatment,” he said, “just the same treatment.”
The committee won’t hold a vote on the bill until January.
Contact breaking politics reporter Marissa Meador at mmeador@gannett.com or follow her on X @marissa_meador.
Seneca priest killing suspect headed to state hospital
What Gonzaga’s Graham Ike said after dominating Kentucky
Live: High school football scores in the New Orleans area for 2025 semifinals
Maine men’s hockey falls at home to rival New Hampshire
Iowa basketball vs Maryland preview, prediction for Big Ten contest
Florida High School Football Rankings: Top 25 teams – Oct. 21
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
99th annual Pony Swim held in Virginia
Video: ‘It Didn’t Have to Happen This Way:’ U.Va. Faculty Call for Review of Police Response to Protests
ICE arrests Azerbaijan national with multiple criminal convictions including animal cruelty, arson
US Supreme Court to consider Trump’s bid to end birthright citizenship
Exclusive: Boat at center of double-tap strike controversy was meeting vessel headed to Suriname, admiral told lawmakers | CNN Politics
FBI director suggests ‘sheer incompetence’ or ‘negligence’ in Biden admin handling of pipe bomb case
Russian gas and oil in Europe are done for good, Energy Commissioner tells Euronews
-
Politics3 days agoTrump rips Somali community as federal agents reportedly eye Minnesota enforcement sweep
-
News3 days agoTrump threatens strikes on any country he claims makes drugs for US
-
Technology1 week agoNew scam sends fake Microsoft 365 login pages
-
World3 days agoHonduras election council member accuses colleague of ‘intimidation’
-
Ohio2 days agoWho do the Ohio State Buckeyes hire as the next offensive coordinator?
-
Politics1 week agoRep. Swalwell’s suit alleges abuse of power, adds to scrutiny of Trump official’s mortgage probes
-
News1 week ago2 National Guard members wounded in ‘targeted’ attack in D.C., authorities say
-
Ohio1 week agoSnow set to surge across Northeast Ohio, threatening Thanksgiving travel