New Delhi: Major cryptocurrencies traded on Red Wednesday as investors posted gains after a long bull run. All top 10 cryptocurrencies were lower at 9:30 a.m. IST. However, Solana, Dogecoin, and XRP each fell between 7-9 percent.
Global crypto market capitalization held the roughly $ 2 trillion mark, down 4 percent from the previous day. However, the total crypto market volume rose more than one percent to $ 116.49 billion.
“While the past 24 hours have seen a slight decline, the overall market has seen an uptrend this week, with most currencies, including Bitcoin and Ethereum, shown in green. It was also interesting to see Cardano asserting itself as the third largest cryptocurrency by market capitalization, “said Sharan Nair, chief business officer of CoinSwitch Kuber.
Central American countries are eagerly awaiting whether El Salvador’s introduction of Bitcoin as a parallel legal tender will lower the cost of remittances, an important source of income for millions of people, the region’s development bank said.
Citigroup Inc is considering offering bitcoin futures trading to some institutional clients, a bank spokesman said Tuesday, citing increased demand in the cryptocurrency space.
The markets have seen a small profit posting over the past 24 hours. Although the impact on BTC was marginal, there has been a major correction in altcoins, said Edul Patel, CEO and co-founder of Mudrex.
“Such corrections are common and will inevitably happen at levels of psychological resistance. If the markets are able to hold support at current levels, we could soon move Bitcoin back towards $ 50,000, ”he added.
At home, Indians are flocking back to invest in cryptocurrencies as Bitcoin hit a three-month high of $ 50,000 on Sunday amid the global crypto onslaught. Indian and overseas crypto exchanges have seen tremendous increases in their trading volumes and values.
In new recommendations to the government, cryptocurrency actors have suggested the Treasury Department consider Gujarat’s International Financial Services Centers Authority (IFSCA) as a likely regulator for all crypto transactions, said two people aware of the development.
Tech View from ZebPay Trade Desk
Streamr is a decentralized open source crowdfunding platform for real-time data processing. The Streamr network is at the heart of this platform and enables devices and users to share their data. The network’s native token is DATA.
DATA is a cryptocurrency that supports the Streamr ecosystem in various ways and is an ERC20 token on the Ethereum blockchain.
DATA saw a massive rally from the previous low of $ 0.0742 to $ 0.1829, rising nearly 146% in one month. The asset faces strong resistance at a level of $ 0.1825 as the longer upper shadows indicate a sale or a profit posting.
If prices break the resistance with good volume, we can expect another rally to $ 0.23, and if not, the asset can fall or correct to the $ 0.135 support level.
Support: $ 0.085, $ 0.135
Resistance: $ 0.230, $ 0.290
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.)