Prime Cryptocurrency Costs Right this moment: Binance Coin, XRP, Dogecoin Misplaced Up To 13% – Financial Occasions
New Delhi: Major cryptocurrencies were bleeding on Tuesday. All of the top 100 digital tokens were trading in the red at 9:30 a.m. IST, highlighting the gloom in the crypto market. Binance Coin, Ripple, Ethereum, Dogecoin, Polkadot fueled 8-13 percent.
Global crypto market cap plunged to $ 1.19 trillion, down 7.48 percent from last day. The total volume of the crypto market for the past 24 hours was $ 62.12 billion, up 27.76 percent.
The withdrawal comes amid a broader risk-free environment that has also seen U.S. stocks plummeting on fears of a slowdown in growth and the relentless proliferation of the Delta variant of Covid.
The Turkish Ministry of Finance and Finance announced that a bill to create a legal framework for crypto assets is under discussion. This happens shortly after El Salvador legalized Bitcoin, and Paraguay has also shown great interest in it.
The Deputy Minister Sakir Ercan Gül announced that the crypto law would be presented to the Grand National Assembly of Turkey at the beginning of the next legislative year, i.e. in October 2021.
Zebpay Trade Desk said there was hope for a friendly approach to regulation as it would make the country an attractive source of investment for leading crypto exchanges around the world.
“Bitcoin took a hit this week as it fell below $ 31,000 on Monday night,” it added. “The most likely general explanation is the Grayscale Bitcoin Trust, which had a 16,000 BTC unlock event on Sunday that negatively impacted the market a day later.”
The central bank of Turkey had previously banned the use of cryptocurrencies as a medium of exchange and prevented banks from offering deposit and withdrawal services to crypto exchanges. The new legal framework is also expected to include several safeguards such as security reviews and collateral.
Tech View of Giottus Cryptocurrency Exchange
Polygon Network (MATIC) has risen more than 100-fold since the start of the year to its new all-time high (ATH of $ 2.7). MATIC has been in the accumulation phase for months. After the breakout, it swept past previous highs for extended periods of time and seemed unstoppable until the bearish trend in Bitcoin (BTC) kicked in in May.
On shorter time frames, MATIC has formed a descending channel, a temporary bearish pattern, while the long-term picture remains bullish. MATIC enjoys a strong support zone. It closed below the EMA20 while the RSI indicator is in the oversold territory, which means there are no indicators of a breakout from the channel for the time being.
As soon as BTC begins to regain lost momentum, hopefully MATIC will begin its uptrend towards its ATH. MATIC is in a consolidation phase after an aggressive upswing and could therefore be another buying opportunity for investors who missed the window earlier.
Support: $ 0.7, $ 0.61, $ 0.55
Resistance: $ 0.88, $ 1.04, $ 1.1
(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.)