New Delhi: Major cryptocurrencies traded almost unchanged as the digital token cart was missing direction on Thursday after a strong profit posting and a decent bull run. Seven of the top 10 cryptocurrencies were red with slight declines at 9:30 a.m. IST. However, Binance Coin gained 4 percent.
The global crypto market capitalization was able to hold near the $ 2 trillion mark and was only down 1 percent from last day. Similarly, the total crypto market size fell about 3 percent to $ 113.77 billion.
The Cardano blockchain has just surpassed other top altcoins and has become the third largest virtual currency in the world as network developers seek to capitalize on the surge in decentralized finance that has gripped the world.
Siddharth Menon, COO of WazirX, said there are positive signs of institutional demand for Bitcoin, which is about 24 percent away from its all-time high.
Micheal Saylor, the CEO of MicroStrategy, just announced that the company purchased 3,907 bitcoins between July 1 and August 23, which is roughly $ 177 million. The most recent purchase brings the company’s total holdings to 108,992 coins.
“Since the Bitcoin ban in China earlier this year, the hashrate for the Bitcoin network has recovered remarkably. In the following six weeks, it fell by more than 65 percent due to the China ban. Hashrate is approaching. “Early June and could hit new all-time highs in the next few months,” added Menon.
The world’s largest crypto exchange Binance is not controllable and represents a significant risk for consumers, said the British Financial Conduct Authority (FCA) in a document.
According to ZebPay’s Trade Desk, the Ethereum network appears to have become its own worst enemy, as its increased adoption has contributed significantly to the surge in decentralized financial applications and the growth of competitors. At the current level, the bears will have to push and hold it above the USD 2,900 level.
Tech View of Giottus Cryptocurrency Exchange
SelfKey is a blockchain-based, self-sovereign identity system for individuals and organizations that provides users with control and management of digital identities. This indicates a strong accumulation in a short period of time, which makes KEY / USDT a pair to look out for as a buyer.
KEY closed at $ 0.01 (less than 1 INR per token) yesterday, marking the 20th consecutive day above its 50-day EMA at $ 0.008. This comes after a double jump around the USD 0.005 support level.
KEY makes a wedge on the 4 hour timeframe which is neutral. Therefore, a breakout confirmation signals “Buy” to investors. KEY showed signs of a strong rebound after the May slump. It will likely break the resistance at $ 0.0113 to maintain this uptrend.
Since KEY has a relatively lower market capitalization and is growing in volume, expect volatility. As an investor interested in KEY, it is crucial to find a good entry point to compensate for the high volatility.
Main stages:
Support: $ 0.0089, $ 0.0076
Resistance: $ 0.0113, $ 0.0124
The time is in UTC and the daily time frame is 12:00 PM – 12:00 PM UTC
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)
