crypto price today: Crypto price today Live: Polygon, Avalanche, Shiba Inu, Ethereum fall up to 9%
The total market capitalization of the crypto space once again fell below the $1 trillion mark, with Bitcoin barely holding the $21,000 level while Ethereum fell below the $1,500 level. Growing fears of an economic downturn continue to haunt the riskier assets.
All the top crypto tokens were trading lower during the early hours on Tuesday. Polygon plunged over 9 percent, while Avalance and Shiba Inu each fell 7 percent. Ethereum and Solana each fell 6 percent.
The global cryptocurrency market capitalization traded lower at $968.77 billion, falling more than 4 percent in the past 24 hours. However, total cryptocurrency trading volume jumped close to 16 percent, close to $75.97 billion.
What is cooking in India
Community-led cryptocurrency investment platform Crypso has raised $3 million in seed funding. The company will use the new funding round to expand its user base and increase the breadth of product offerings and technology.
Investors including Hashed Emergent, Athera Venture Partners (formerly Inventus), Better Capital, Whiteboard Capital, Polygon founders Sandeep and Jaynti, Kunal Shah of CRED and other angel investors participated in the funding round.
Expert take
Bitcoin started the week on a bearish note falling below the $22,000 level, confirming the weak buyer sentiment. If Bitcoin falls below the current level, it could go down to $19,000, said Edul Patel, CEO and co-founder, Mudrex.
“The second largest cryptocurrency, Ethereum, was seen testing the $1,400 level. If buyers lose control above this level, we could see Ethereum at the $1,300 level in the next few days,” he added.
Crypto and global financial markets are poised for increased volatility and turbulence as we have significant macroeconomic events in the coming week in the form of the FOMC meeting, CoinDCX Research Team said.
The FED is expected to implement another rate hike of 75 bps to curb inflation that could negatively impact risks on assets such as crypto due to a high interest rate environment that could potentially lead to increased selling pressure, it added.
Global updates
Bitcoin fell even as the Chicago Board of Options Exchange’s volatility index, a measure known as Wall Street’s fear gauge, showed an absence of investor anxiety ahead of an expected rate hike by the US Federal Reserve on Wednesday.
Layer 1 blockchain Aptos Labs raised $150 million in a Series A funding round led by FTX Ventures, the venture capital arm of crypto exchange FTX, and Jump Crypto.
The investment bank Moelis and Co. has started a group to focus on venture deals in the blockchain and digital asset industries, according to a press release.
Wallets linked to developers of BNB Chain-based Teddy Doge sold over $4.5 million of their TEDDY tokens for other cryptocurrencies over the weekend, causing concern among investors.
About $1.1 million worth of Audius’ AUDIO tokens were stolen over the weekend in a sophisticated attack involving the project’s governance forums.
Tech View of Giotto’s Crypto Platform
Polkadot (DOT) is an interoperable multi-chain network that enables the cross-chain transfer of data, tokens or asset types across blockchains. It is the top 20 crypto asset by market capitalization and was specifically built to serve as the infrastructure layer for Web 3.0.
Despite its formidable tools, the network has been hit hard by the turbulent market conditions and is down 87% from its November ATH of $55. DOT is trading at $6.70, down 12% in the last seven days. While still in a downtrend, the DOT has been moving in a falling wedge pattern since May.
A CONTRIBUTORA falling wedge usually represents a bullish signal as the downtrend steadily loses momentum as the pattern nears completion. DOT pushed out of the pattern in July to break above the upper trendline resistance at $7. However, DOT has formed a series of lower highs after hitting a high of $8.1 and is now near the .236 fib level of $6.6.
DOT needs to regain the psychological resistance of $8 to restore confidence in the market and attempt another rally. The price is below all important moving averages, and the RSI of 42 does not show much strength either. If DOT continues its decline, $6 will constitute the next support.
Main levels
Resistance: $7.4, $7.8, $8.0
Support: $6.5, $6.0
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
