Prime Cryptocurrency Prizes Right now: Ethereum, Binance Coin, XRP Acquire Up To five% – Financial Occasions
New Delhi: All major cryptocurrencies traded higher on Thursday after a sharp drop in the digital token market the previous day. The digital token market has been volatile lately. All top 10 digital currencies traded higher at 9:30 a.m. IST and gained up to 5 percent.
Anhui in eastern China has become the youngest province to announce a comprehensive ban on cryptocurrency mining.
Regulators are concerned about how the emergence of “stablecoins” – mostly dollar-pegged crypto tokens – could sow more direct instability in broader financial markets than already hypervolatile cryptocurrencies like Bitcoin.
“In the second quarter of 2021, apart from stablecoins, the native token went to Chiliz, a blockchain service network for sports and entertainment providers. It grew 403 percent in terms of market capitalization in the quarter,” said Zebpay Trade Desk.
“This phenomenal growth came after the network worked with over 20 sports organizations including FC Barcelona, Juventus and Atletico de Madrid. It was followed by a token of Indian origin, Polygon, formerly known as MATIC, which grew 150% same period, “it added.
At home, domestic crypto exchange Zebpay will launch a SIP facility to allow investments of just Rs 100. ZebPay has launched a new app called ZEBB that offers users simple SIP options in Bitcoin and Ether.
Tech View of Giottus Cryptocurrency Exchange
Bitcoin (BTC) is the beacon of cryptocurrencies. Hundreds of cryptocurrency price promotions depend directly on BTC. This one-sided correlation between BTC and Altcoins (other coins) makes it important to analyze and anticipate the price movement of BTC and related indices.
The daily MACD indicator for BTC only showed signs of bearish divergence, while BTC also broke its Fib support, suggesting an overall bearish sentiment. The RSI (Relative Strength Index), a measure of buying or selling pressure, is neutral for BTC at around 50.
BTC forms a small descending channel that can lead to long-term bullish moves when a breakout occurs. BTC can bounce back at least once to make a dead cat hop – a fake recovery that’s temporary.
Right now, BTC is fluctuating between $ 30,000 and $ 35,000. A breakdown or breakout from here will further determine the movements of Bitcoin and the broader market.
Support: $ 30,600, $ 29,100, $ 27,500
Resistance: $ 35,500, $ 38,000, $ 40,000
(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.)