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Crypto market stabilizes near $2.23T while Bitcoin pauses above $64K
The consolidation comes as exchange BTC reserves keep falling, alongside ongoing tokenization efforts involving the DTCC.
The overall crypto market has stabilized around $2.23T for a second straight day, holding above prior local highs and the 50-day moving average, a setup Action Forex frames as a bullish consolidation rather than a sharp breakout. While major cryptocurrencies are generally steady, profit-taking is described as more common in weaker altcoins.
Bitcoin has been consolidating above $64K and the 50-day moving average, but it has not regained momentum to push through $65K. Action Forex says the lull is not yet a cause for concern and points to on-chain data showing no signs of a broad panic sell-off, including declining BTC reserves on exchanges.
The report also cites ETF and institutional accumulation themes, noting that exchange reserves continue to decline. It adds that whale activity remains elevated, while Ripple continues to reduce the supply of its RLUSD stablecoin, burning 10 million tokens, which Action Forex says brings supply down by roughly 20% versus its May peak.
Beyond price action, the outlet highlights that the DTCC, which it says holds securities worth more than $114 trillion, is beginning tests related to tokenization of shares and U.S. Treasury bonds. It says around 40 major financial institutions are participating, including JPMorgan, Goldman Sachs, BlackRock, Vanguard, and the NYSE.
Latest closeBitcoin $64,147.15 ▼0.9%