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Bitcoin witnessed some profit booking as it fell more than 1% but managed to retain around 34,000-levels, while Ethereum was also seen in red, slightly lower, and remained around $1,800-levels.
Bitcoin and other cryptocurrencies took a breather on Friday ahead of the weekend’s lack of events. However, a slowdown in the digital asset market was expected following a significant gain in the previous few days. Analysts expect buying enthusiasm to stay in the digital asset market in the coming days.
Bitcoin experienced some profit booking as the largest crypto asset fell more than 1% but managed to stay around 34,000 levels. However, its greatest peer, Ethereum, was also in the red, somewhat lower, and remained below the $1,800 mark. The vast majority of altcoins were trading with cuts.
The cryptocurrency market appears to be cooling off after a seven-day rise. With a score of 70/100, the crypto fear and greed index is likewise firmly into the greed zone, indicating bullish feelings among crypto investors. The broader crypto market has reacted similarly and appears to be cooling off following the rise.
In related news, Deutsche Bank and Standard Chartered’s SC Ventures are testing UDPN, a system that allows blockchain, stablecoins, and CBDCs to connect in the same way that SWIFT does in traditional banking. UDPN connects blockchains, implements digital identification standards, and allows for controlled transactions.
The bulk of popular crypto coins were trading down on Friday, with a few outliers. Polkadot fell more than 3%, while Toncoin, Polygon, and Chainlink each fell 2%. Among the gainers, Solana and BNB each gained nearly 1%, while Dogecoin rose somewhat.
The worldwide cryptocurrency market cap was trading much lower, down to $1.26 trillion, after losing more than 1% in the previous 24 hours. However, total trade volumes fell by nearly 7% to $46.88 billion.