Crypto Watch On April 13: Cryptocurrency prices on the rise

Crypto investors were met with some positive news as the market saw an increase in Bitcoin and Ethereum prices on April 13th, 2023. According to Coin360 data, BTC was trading at $30,146, up 0.79% from the previous day, while ETH was at $1,908, up 2.39%.

Source: Coin360

The market capitalization remained relatively stable at $1.23 trillion, up 0.08% from the previous day. Spot volume, however, saw a significant increase of 14.02%, reaching $48.16 billion. BTC dominance also rose slightly, up 0.15% to 46.63%, while ETH dominance stood at 18.7%. ETH gas was at 26 Gwei.

In terms of total liquidations, more than $102.92 million was liquidated in the past 24 hours, with 32,184 traders affected. Bybit exchange saw the largest liquidation order worth $1.00 million.

CryptoQuant data indicated a large inflow volume of 11,470 BTC to derivative exchanges after the publication of CPI. The question remains whether this volume will be used for long or short positions. The spot market still drives the futures market, and examining the behavior of this market is now more valuable than ever. If the re-entry inflow volume is for open long Bitcoin contracts, it will indicate that derivative market players intend to push the price up.

As for the top gainers of the day, Shib Original Vision (SOV) was up 36.5%, followed by Orbcity (ORB) up 35.2%, Echelon Prime (PRIME) up 24.7%, Radix (XRD) up 23.6%, and Talken (TALK) up 11.5%.

The fear and greed index stood at 61 (Greed).

In other news, a recent report by the European Union (EU) analyzed the use of cryptocurrency assets on darknet markets in the EU. The report called for tighter identity verification for cryptocurrency traders to control the increasing use of darknet markets for illegal substances. The report also highlighted the role of cryptocurrency exchanges in promoting the use of cryptocurrencies for these activities in the EU.

Paxos, a leading crypto broker and stablecoin issuer, also announced its decision to withdraw from the Canadian market due to increasing legal pressure. The company will no longer support Canadian customers starting from June 2, and all accounts without a balance will be closed on May 9. The move follows in the footsteps of dYdX, which also recently left the Canadian market.

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