High Cryptocurrency Costs At the moment: Ethereum, Dogecoin, Polkadot Achieve Up To 7% – Financial Instances
New Delhi: Major cryptocurrencies showed strong signs of recovery today after falling sharply yesterday. The majority of the top 10 digital tokens traded higher at 9:30 a.m. IST. Dogecoin and Polkadot each gained up to 7 percent.
Global crypto market cap plummeted to $ 1.21 trillion, up 1.95 percent from last day. The total crypto market volume for the past 24 hours was $ 59.82 billion after a 358 percent decline.
The past 24 hours have been very volatile for the cryptocurrency market. The volumes traded increased, which confirmed the panic selling. However, many alt tokens showed a minor recovery.
Seven in ten institutional investors expect to invest in or buy digital assets in the future, even though price volatility is the main barrier for newcomers, a study of Fidelity’s cryptocurrency business found.
“” Bitcoin and Ether have both fallen below their critical support levels. Bitcoin’s decline below the 50-week long-term moving average sparked massive bearish momentum in the markets, “said Edul Patel, CEO and co-founder of Mudrex
“Most of the altcoins showed declines in the double-digit percentage range. However, later during the session there was some relief for the crypto market, ”he added.
At home, the income tax office has been gathering all of the trading details from cryptocurrency exchanges along with their financial data to intercept the profits made during the years of bull run in the tax net.
A fortnight ago, the Income Tax (IT) department sent notices to at least three exchanges asking them to share all of the ledger entries to find out the price, time and number of coins sold by a trader.
Tech View from ZebPay Trade Desk
BTC took a hit this week when it fell below $ 31,000 on Monday night. This will happen after the Grayscale shares go live on Sunday.
Since then, it has continued to break through key support levels at $ 30,000, falling to a low of $ 29,301 on Tuesday evening. The asset has also not benefited from the volumes as a result of which it is unable to overcome its resistance and rally.
ETMarkets.comBitcoin has traded sideways in a wide range of $ 31,000 to $ 36,500 for the past few weeks. This week the asset has seen a breakout on the downside, but with low volume.
BTC has strong support at USD 28,800 (previous low). If it maintains the level of support at the closing price, we can expect a recovery rally. Otherwise, we could see another decline and prices could slide to the next support level of $ 24,300.
Support: $ 28,800, $ 24,300
Resistance: $ 31,000, $ 36,500
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.)