Bitcoin traded around 63000 dollars on Tuesday as market participants eyed the upcoming SpaceX initial public offering for signs of renewed risk appetite. The cryptocurrency had dipped below 60000 last week before recovering some ground.
Bitcoin traded near 63000 dollars, up about 0.8 percent over 24 hours, after falling sharply the prior week. Ether rose 1.8 percent to around 1691 dollars while other major tokens posted modest gains. Major market maker Wintermute said in a Tuesday note that SpaceX's stock market debut on June 12 could serve as a gauge of retail and risk appetite. The firm noted that recent selling in AI stocks appeared tied to investors raising cash for large IPOs, with SpaceX first in line. The SpaceX IPO is expected to offer approximately 555.6 million shares at 135 dollars each, raising around 75 billion dollars. Pricing is set for June 11 with shares beginning to trade the following day. Order books close after market close on Wednesday. Bitcoin's 30-day implied volatility index declined to 47 percent annualized from a Friday high near 60 percent, signaling reduced panic buying of options protection.
