The
digital
asset
market
saw
a
quick
reversal
Monday
with
bitcoin
(BTC)
erasing
an
early
decline
to
nearly
$65,000
and
returning
to
the
$67,000
level
for
the
time
in
three
days.
The
$65,000
area
was
the
same
level
from
which
bitcoin
bounced
during
last
Friday’s
big
shakeout.
At
press
time,
it
was
changing
hands
at
$66,800,
up
0.9%
over
the
past
24
hours.
Most
altcoins
also
bounced
but
lagged
behind
BTC
on
the
daily
timeframe.
Ether
(ETH)
was
still
in
the
red
nursing
a
0.7%
decline
during
the
same
period,
while
dogecoin
(DOGE),
shiba
inu
(SHIB)
and
native
tokens
of
layer-1
networks
Avalanche
(AVAX)
and
Near
(NEAR)
were
down
2%-5%.
Ripple’s
XRP
(XRP)
outperformed
most
crypto
majors
with
its
5%
daily
gain,
and
recently
was
the
only
cryptocurrency
–
apart
from
BTC
–
in
the
broad-market
crypto
benchmark
CoinDesk
20
Index
with
a
positive
daily
performance.
Several
smaller,
publicly-listed
bitcoin
miners
enjoyed
double-digit
gains.
Hive
Digital
Technologies
(HIVE),
TeraWulf
(WULF),
Canaan
(CAN)
rallied
10%-20%
during
the
day,
while
large-cap
miners
Marathon
Digital
(MARA)
and
Riot
Platforms
(RIOT)
were
up
4%.
Zooming
out
to
traditional
markets,
the
broad-market
S&P
500
and
the
tech-heavy
Nasdaq
100
continued
their
climb
to
new
all-time
highs
and
were
up
0.9%
and
1.2%,
respectively.
Bitcoin
has
been
chopping
sideways
in
a
tight
range
below
its
all-time
record
prices
since
March,
flushing
out
excess
leverage
in
liquidation
cascades,
and
surely
causing
some
impatience
from
market
participants,
particularly
the
“number
go
up”
crowd.
Underscoring
the
boring
price
action,
bitcoin’s
30-day
realized
volatility
has
dropped
to
near
historic
low
levels,
Alex
Thorn,
research
head
of
digital
asset
investment
firm
Galaxy,
pointed
out
in
an
X
post.
Derivatives
trading
network
Paradigm
said
that
the
crypto
market
is
“losing
momentum”
in
lack
of
catalysts
to
bring
traders
to
action.
“Despite
positive
predictions
flying
around,
a
new
market
needs
real
news
to
move
forward
and
keep
traction,”
it
said
in
a
Telegram
update
earlier
today.
Trader
and
market
analyst
Bob
Loukas,
however,
tempered
expectations
for
the
short-term,
noting
that
BTC
is
“clearly”
in
its
declining
phase
of
its
daily
cycle
and
could
revisit
the
lower
$60,000
area
before
a
more
sustainable
uptrend.
