• Bitcoin (BTC) is slipping back below $27,000 as investors continue to weigh the ongoing debt ceiling talks in Washington, D.C. and the latest regulatory moves.
• Litecoin (LTC) is trading at discounted prices according to analytics firm Glassnode.
• JPMorgan analysts said that the stablecoin universe is continuing to shrink and until this stops, a sustained recovery in crypto prices is unlikely.
Bitcoin Market Reacts to Debt Ceiling Talks
Bitcoin (BTC) is slipping back below $27,000 as investors continue to weigh the ongoing debt ceiling talks in Washington, D.C. and the latest regulatory moves. Bitwise Asset Management President Teddy Fusaro discussed his crypto markets analysis and shared insights into the Bitwise 10 Large Cap Crypto Index on this topic.
Litecoin Trading at Discounted Prices
An onchain metric suggests that litecoin (LTC), the 12th largest cryptocurrency by market value, is trading at discounted prices. Litecoin’s market value to realized value (MVRV) Z-score was negative at press time. A sub-zero score indicates the cryptocurrency is undervalued relative to its fair value, according to analytics firm Glassnode. The market capitalization is calculated by multiplying the total number of coins in circulation by the crypto’s price while realized value adds up all coins lost from circulation and reflects a more accurate or real network valuations of any given digital asset class.“
Stablecoins Unsettled
JPMorgan analysts said that the stablecoin universe continues to shrink and a sustained recovery in crypto prices is unlikely until this stops. A stablecoin is a type of cryptocurrency that is pegged to another asset such as U.S dollars and has been suffering from US regulators crackdown on cryptocurrencies, unsettling banking networks for ecosystems which had an effect on last year’s FTX collapse..
Bitwise 10 Large Cap Crypto Index Analysis
Bitwise Asset Management President Teddy Fusaro provided insights into his analysis of Bitwise 10 Large Cap Crypto Index which tracks bitcoin alongside other established large cap cryptocurrencies like ethereum, XRP, bitcoin cash etc., serving as an effective measure for overall cryptocurrency performance over time .
Conclusion
In conclusion we can see that Bitcoin has been slipping due to debt ceiling talks and regulatory moves while lite coin has been trading at discounted prices due ot MVRV Z-score being negative according to analytics firm glass node , meanwhile stablecoins are suffering due to US regulations crackdown unsetteling banking networks with reverberations from last year’s FTX collapse weighing on it . Finally bitwises10 large cap crypto index analysis was provided by Tedd Fusaro providing useful insights in tracking bitcoin alongside other large cap cryptos .