Bitcoin (BTC) is trading around $59,000 on Tuesday after a slight recovery the day before. However, this rally could be short-lived as it approaches a crucial resistance barrier. Institutional interest is increasing, driven by VanEck’s bullish Bitcoin outlook, a strategic partnership between Metaplanet and SBI VC Trade, and increasing wallet holdings. Despite these developments, price action remains weak and the Bitcoin Spot ETF saw a net outflow of $45.53 million on Monday.
Decentralized exchange PancakeSwap burned its native token CAKE worth $15 million on Monday. The token’s destruction permanently removes it from the circulating supply, reducing selling pressure on the asset and likely positively influencing its price.
The DeFi project launched in September 2020 and is celebrating its fourth anniversary this month. PancakeSwap hosted a hackathon and meme contest to commemorate the event.
The cryptocurrency market gained 2.3% in 24 hours to hit a high of $2.07 trillion, growing steadily throughout the day on Monday. However, cautious momentum in the Asian market on Tuesday morning interrupted the recovery from near levels seen late last week. This recovery has yet to improve sentiment, with the index remaining at 26 for the third consecutive day.
