Crypto Watch on April 6: BTC and ETH Prices Hold Steady Amid Potential Bullish Impulse

Cryptocurrency markets showed mixed performance on April 6, 2023. According to the latest data, Bitcoin (BTC) was trading at $28,088.54, while Ethereum (ETH) was valued at $1,898.89. Despite the volatility of the cryptocurrency market, the total market cap of all digital assets rose by 3.16%, reaching $1,187 billion.

Source: Coin360

However, the spot volume 24h decreased by 4.36% to $42.25 billion. The BTC dominance also fell by 0.23% to 44.99%, while the ETH dominance was at 19.2%. The Ethereum gas price stood at 32 Gwei.

CryptoQuant data suggests that BTC’s leverage ratio could trigger a bullish impulse, followed by a potential downward correction. However, a regular bearish divergence has formed, which could lead to another short-term pullback. Still, the level of leverage remains underestimated, which could delay a downward correction.

Source: CryptoQuant

In the past 24 hours, liquidations worth over $84.20 million have been executed, with 29,883 traders affected. The largest liquidation order took place on OKX, with a value of $1.13 million.

In terms of top gainers, Swarm Markets (SMT) showed the most impressive results, increasing by 69.4%, followed by MiL.k Alliance (MLK) at 57.6%, Kin (KIN) at 38.1%, Steem (STEEM) at 35.6%, and Don’t Buy Inu (DBI) at 33.0%.

The greed and fear index remains high at 63 (Greed).

In other news, Jan van Eck, CEO of VanEck, believes that both gold and Bitcoin have the potential to soar during extended periods of price increases. He stated in a recent interview with CNBC that economic conditions could lead to the appreciation of both assets. Van Eck argued that troubles in the US banking system have led to an increase in value for both gold and Bitcoin.

Meanwhile, Sri Lanka’s central bank has issued a warning about the risks associated with investing in cryptocurrency. The bank noted that cryptocurrencies are not regulated investment instruments and are not recognized as an asset class in Sri Lanka.

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