Sinopsis: With the exception of dollar-pegged tokens, eight of the top ten cryptocurrencies were trading lower at 9.30 a.m. IST. Bitcoin and Ethereum fell by more than 10%, while Dogecoin and Polkadot fell by up to 20% each.
New Delhi: The cryptocurrency market was under intense pressure as a result of a massive sell-off worldwide. Major cryptocurrencies have eroded up to one-fifth of investor wealth, with as many as seven currencies experiencing double-digit losses.
With the exception of dollar-pegged tokens, eight of the top ten cryptocurrencies were trading lower at 9.30 a.m. IST. Bitcoin and Ethereum fell by more than 10%, while Dogecoin and Polkadot fell by up to 20% each.
In comparison to the previous day, the global crypto market cap fell by more than 11% to $2.11 trillion. The total crypto market volume, on the other hand, swung wildly, rising up to 71% to $241.26 billion.
“Solana has recently been on a roll and continues to outperform the market, raking in large profits. While the market has been volatile, we anticipate a strong recovery in the near future “Sharan Nair, Chief Business Officer at CoinSwitch Kuber, elaborated.
“The cryptocurrency market has recently been extremely volatile. The global market capitalization fell by $180 billion as a massive selloff erupted across the board. It is one of the primary reasons traders should use a strict stop loss to protect themselves from such volatility “Mudrex’s CEO and Co-Founder, Edul Patel, stated
Tourists and locals celebrated the president’s decision to make El Salvador the first country in the world to accept cryptocurrency as legal tender in the beach town of El Zonte, dubbed “Bitcoin Beach.”
Bitso, a cryptocurrency platform, has announced that it will be the primary service provider for Chivo, a bitcoin digital wallet launched in El Salvador.
Back in India, new investors are flocking to Ethereum (ETH), which has seen a surge in popularity this year. In recent days, there has been a surge in the number of Indian investors and traders purchasing cryptocurrency on local exchanges and those that provide services in the country.
Domestic mutual fund investors may soon be able to invest in a global product that bets on companies using blockchain technology.
Invesco Mutual Fund has filed documents with the Securities and Exchange Board of India to launch a scheme that will invest in the Invesco Elwood Global Blockchain Exchange Traded Fund.
BTC had a volatile evening yesterday, according to ZebPay Trade Desk. The asset experienced a 20% correction, falling from $52,000 to $42,800. It has since recovered, and was trading at $47,100 at the time of writing this report.
The cause of this crash is most likely a massive sell-off, amounting to close to $3.5 billion, as holders liquidated their BTC assets. However, many have spotted an opportunity to build new positions since then, driving the asset back up to $47,000 levels.
BTC was consolidating and trading sideways in the $47,000 to $50,000 range last week. This week, the asset broke out to the upside, and prices rose to $52,944. However, BTC encountered resistance, and prices were unable to maintain higher levels for long, resulting in a sharp correction.
On a four-hour time frame, the asset formed a ‘Evening Star’ pattern (Trend Reversal Pattern) as prices fell nearly 20% and reached a low of $42,830. At $46,500 and $42,500, BTC has very strong support. If prices hold and sustain above these levels, we can expect bulls to resume their uptrend.
Levels of importance:
$46,500 in aid, $42,500 in aid
$53,000, $57,500 in opposition
The time is in UTC, and the daily time period is 12:00 AM - 12:00 PM UTC.
(The opinions and recommendations expressed in this section are those of the analysts and do not necessarily reflect those of ETMarkets.com. Please consult with your financial advisor before investing in the asset(s) mentioned.)