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IMF Keeps a Close Watch on Bitcoin and Cryptocurrency as Their Popularity Soars

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Bitcoin Shows Little Price Volatility in September

  • Bitcoin spot markets have shown minimal price volatility in September.
  • BTC/USDT has closed in a $250 range in the upper $25,000s for the first six days.
  • On Thursday, BTC/USDT surged 1.9% higher to hit $26,255, marking the best daily performance in September.
  • Bitcoin has held onto most of these gains in Friday’s Asia trading session, currently at $26,230.
  • Binance’s order book shows substantial support among buyers at $25,500 and $26,000.
  • Resistance points are set at $26,500 and $27,000.

Bitcoin Still Faces Low Trading Volumes

  • Bitcoin is still experiencing historically low trading volumes due to fear and uncertainty in the market.
  • Regulatory risks surrounding cryptocurrency markets are adding to the challenges.
  • The International Monetary Fund has laid out a roadmap to monitor and contain cryptocurrency’s perceived risks.
  • The paper will be presented at this month’s G20 summit in India.

Bitcoin Futures Market Sees Increase in Open Interest

  • Open interest on the bitcoin futures market has increased from $7.47 billion to nearly $8 billion.
  • This is still significantly down from the $10 billion-plus in open interest observed in August.

Ethereum and Altcoins’ Performance

  • Ethereum (ETH) added 0.9% on Thursday, closing at $1,648 on the ETH/USDT pair.
  • Bitcoin is 0.8% higher week-on-week, while ether has slipped into the negative, losing 0.1%.
  • BNB, Cardano (ADA), Solana (SOL), and Polkadot (DOT) have all added less than one percent over the past seven days.
  • Ripple (XRP) has fallen back 0.4%, while Toncoin (TON) remains the top performer, adding over 4%.

Global Cryptocurrency Market Cap and Bitcoin Dominance

  • Global cryptocurrency market cap currently stands at $1.05 trillion.
  • Bitcoin dominance is at 49.5%, up from 49.1% last week.

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